Somerset Area Accountant Cautions How to Avoid Letting the Easiest Sales Slip Right Through Your Business' Fingers

Somerset Area Accountant Cautions How to Avoid Letting the Easiest Sales Slip Right Through Your Business' Fingers

July 18, 2012

It’s the dog days of summer, and the Olympics are now behind us. Sports fans have the football season to look forward to, of course, and we politics-watchers are being “treated” to quite an election season, here in Somerset Area, and across the country.

With the selection of Paul Ryan as Romney’s running mate, it sends tax and budget issues to the forefront of the campaign (what with Ryan being the chairman of the House Budget Committee). There will be clear choices to be made this fall, it seems … if we can slog our way through the negative noise which is only now beginning to accelerate.

Anyway — I had a bit of a marketing/sales “epiphany” over the weekend, and I thought I’d share it with you in my Strategy Note for this week. I hope it helps!

Somerset Area Accountant Cautions How to Avoid Letting the Easiest Sales Slip Right Through Your Business’ Fingers
I still shake my head when I walk into a small business, and see how easily I slip out the door after a purchase–without giving them my contact information.

That’s criminal neglect, in my opinion, because I’ve just signaled to them in a major way that *I’m* their target customer!

But what do they do to follow up? Nothing.

Heading into 2013, I believe it’s simply inexcusable to not have an effective mechanism for capturing your client information (legally), and utilizing it to grow your business.

How many times does a client do business with you — and you are not able to continue to communicate with him because you don’t know how to contact him or her?

You see, the real wealth in your business is your existing client base. But yet, the proper building, maintaining, nurturing and use of the most valuable asset of any business – its ‘house list,’ is widely neglected.

Marketing experts say that it is 10 times easier to get an existing client to return to you than it is to get a new client to do business with you.  Frankly, I’ve found that to be increasingly true, in our firm (not less).

Plus, returning clients will spend twice as much with you upon their return as the new client will spend on their first contact with you. What would happen to your businesses if you had to constantly rely on selling new clients instead of existing ones?  So … why do so many businesses still NOT collect their client data?

Bad business decision-making, pure and simple.

In this day and age, there are so many tools at your disposal to automate the process for you, and gather all of the client data that you might need. There are several different CRM (Customer Relationship Manager) software providers that allow a person to easily keep track of, stay in touch with, market to, and ask for referrals from your clients.

And, as I’ve stated often before — it’s best done in the context of providing value, and building a relationship.

But it starts with having the information at your fingertips! So, make the commitment now to excel at client data collection!

Here’s to bigger and easier revenues for you and your business Here’s to bigger and easier revenues for your business.