How to build profitable customer relationships.

It is a challenging time for most business leaders today. Leaders are demanding their company’s grow and so marketers are continually focused on driving their products and services into the hands of new customers. Unfortunately this intense focus on attracting new customers has taken attention away from established or past customers. It is measurably more expensive to attract a new customer than to retain an existing customer. So why do so many companies focus their efforts and their dollars solely on new customers? It is because every organization is committed to growth and growth is associated with building new business. However, in order to maintain continuous profitability, companies must establish and maintain profitable relationships with all of their customers (past, current and future). Business leaders must do four things to have profitable customer relationships.

 

1. You must continuously be attracting (profitable) new customers in the industry sectors that you have identified in your strategic plan.
2. You must actively retain your (profitable) current customers and re-establish relationships with past customers.
3. You must customize your product and service offerings to better meet your customer’s expectations and needs.
4. Your employees must be continuously trained and rewarded for delivering exceptional customer service.