Relationship Selling
According to Lee Ann Obringer, author of How Sales Techniques Work, it costs more than five times as much to get a new customer as it does to keep an existing one. She goes on to say that that in itself should help you understand the value of building a relationship with your customers and turning them into both repeat buyers and spokespeople for your company because word of mouth referrals are still one of the best ways to make sales.
This is the concept behind Relationship selling, or building a relationship or friendship with your prospects and listening to their needs. Relationship selling bears a lot of weight in providing buyers with a seller they can trust. How many times have you purchased from the same car dealer because you’ve built a reputation with the dealer and you know you can trust them to give you the best deal? Or how many times do you go back to the same bakery because you not only like their pastries, but you have a friendship with the staff?
As a business owner, your customers are your lifeline. And by being able to capitalize on relationship selling will help your business thrive.
How often do you contact your customers just to check in and say hello? Or how often do you take the time to get to know them by name or get to know something about them? By showing an extra care and concern for your customers, will provide a return that is greater than just about anything, customer loyalty.
A former boss once illustrated the importance of relationship selling when she brought up a great story. When her son who was seven years, used to come home from baseball practice he was always smiling and happy. Curious as to why this was she asked him “Why are you always so cheery when you come home from baseball practice?? His reply? “Because Coach knows my name!”
If it was so important for a seven year old to feel this way, think about how your customers would feel when you know who they are and know something about them? You’re showing an extra concern that says I care about you and our business.
I’m the first to admit that I’m not very good at remembering faces, however I do make an effort to know my affiliates and something about them. When one will call I’ll usually bring up this bit of information, usually in a form of a question. When Dave from Vermont called, I know that he spends so much time on his website looking for great deals that I’ll ask him what kind of deals he found lately. When Rick in Arizona calls, I ask him how his schooling is going as he continues towards his degree.
I don’t ask because I feel that I have to, I ask because I sincerely care. I do want to know how they are doing from a personal standpoint, but I also want to know what I can do to help them with their business.
It’s taking the extra time to show your customers that you do care. And if you do, you’ll reap the returns and rewards many times over.
Tomorrow's blog focuses on some interesting X10 Marketing facts that you need to be aware of.