Your Loyal Customers are More Important Than Ever
The Aussie cost of living is going through the roof, and it looks like it’s only going to keep climbing. We’ve had 10 count ’em, 10! consecutive hikes that have taken the cash rate from a measly 0.1% to a whopping 3.85%, and everyone’s feeling the pinch.
It’s a tough time for small and medium-sized businesses, with new sales leads drying up and prospects taking longer to close deals. But clever brands know that tough times are the perfect opportunity to double down on nurturing relationships with their most valuable customers.
Just like a farmer tending to their fields and sowing seeds, you need to nurture your clients during these challenging times.
Think of it as planting the seeds of customer loyalty and trust that will eventually blossom into juicy rewards.
It may take some time, but repeat customers tend to spend more than new customers and are more likely to refer others to your business. Repeat customers spend on average 67% more than new ones and acquiring a new customer can cost 5 to 25 times more than selling to an existing one. That’s a serious chunk of change!
Why not roll up your sleeves, grab your watering can, and get to work on cultivating those strong, healthy client relationships and supporting them in the areas that make the biggest difference.
Get Up Close and Personal with Your Clients
Support your clients in the areas that make the biggest difference to them.
Financially
Just like a farmer carefully managing their cash flow while waiting for harvest season, you need to be mindful of your clients’ financial situation.
Don’t worry, you don’t need to start wearing overalls and carrying a pitchfork, but you can offer some sweet deals to make their lives easier! Offer them a discount or some more flexible payment options so they can catch their breath and keep the money flowing.
By being flexible and understanding, you’ll show your clients that you’re not just about business, but also about helping them through tough times. So put on your farmer hat and start planting those financial seeds of goodwill!
Emotionally
Running a business can feel like anxiously praying for the rain when the drought just won’t end.
You can offer a much-needed emotional lifeline to your clients by being there for them and offering a listening ear.
Share your knowledge and wisdom as eagerly as the beautiful Italian Nonna sharing her organic tomatoes with all her neighbours.
With your guidance and support, your clients can navigate the ups and downs of the business world with greater confidence.
“On a lifetime value basis, emotionally connected customers are more than twice as valuable as highly satisfied customers. These emotionally connected customers buy more of your products and services, visit you more often, exhibit less price sensitivity, pay more attention to your communications, follow your advice, and recommend you more – everything you hope their experience with you will cause them to do.”
Harvard Business Review
Control
Just like picking your favourite choccie in the Favourites box, your clients will relish in the opportunity to have a say during a time they have no voice anywhere else. By giving them a little bit of control, they’ll feel more confident in making decisions, which means they’ll be more likely to choose you in the future.
Honour Your Customer’s Trust in You
Behind every transaction, there’s a human being with emotions and feelings. Saying “yes” to your product or service means saying “no” to something else, which can be a tough decision for your client. Don’t be a robot, show some respect by providing top-notch customer service, being responsive to their needs, and ensuring that their experience with your brand is nothing but positive vibes!
Stay Consistent
The key to building a loyal fanbase is consistency. Don’t ignore your clients- just because the world is a little topsy-turvy or because they can’t buy right now. Stay true to your values and watch your credibility grow, even during the toughest of times.
A heart warming example of genuinely caring for customers is this story about Trader Joe’s in the US.
An 89-year-old Pennsylvanian man found himself snowed in around the holidays. His loving daughter, worried about his food supply, was frantically trying to find a store that would deliver to her father’s home.
After many failed attempts, Trader Joe’s stepped up in a big way. Even though they don’t normally offer delivery, they were more than happy to make an exception for this snowed-in senior.
Not only did they deliver the low-sodium items that fit his diet perfectly, but they also refused to charge a single penny for it. Not only did they earn at least 2 customers for life, but they earned the trust of the millions of potential customers who read this story.
So while the cost of living in may be rising faster than a loaf of bread in the oven, don’t let that get you down. Nurture your clients and watch those customer relationships blossom.
