Episode 90 - Retaining Customers

Work Hard to Retain Good Customers!

My wife and I recently spent time updating our vision for our future – where to live, where to travel, what to accomplish, and how to manage our finances. It’s an exercise I would HIGHLY recommend to any married couple.

As part of this discussion, we agreed to stop spending money on several subscriptions and services that we had been paying for but not fully utilizing.   So the following Monday, I send cancellation notices to 6 different companies after having been a customer for many years with all of them.

The result….CRICKETS! With the exception of 1 company, the response was either silence or a polite “we will miss you.” ARE YOU KIDDING ME!

Here’s Your Net Worth Tip of the Day

Be willing to FIGHT to retain your Good Customers!

I’m the first to recommend you say “good riddance” to any customer that is a C or D customer. But if they are an A or B customer, you’ve got to FIGHT to keep them! Here’s how to show them you care about their decision to leave you:

• Respond QUICKLY – the same day if possible, and express your sincere disappointment.
• Take Responsibility – be quick to acknowledge that you have let your customer down by not making the service or experience more impactful.
• Provide Options – give your customer some alternative other than just walking away.

Take some time to review your current customer list and ask them how it is going BEFORE they come to the decision to make a change. Be Pro-Active. It is much more expensive to win a new customer than it is to retain an existing customer!

To get more tips on how to improve your leadership skills, your team engagement and your business results, go to my website, www.tourdeprofit.com and you’ll find lots of free stuff there. Now, go get ‘em this week. And remember, whatever you do, RIDE HARD!