Taking Your Clients For Granted Can Harm Your Business Question! What’s the number one asset in your business? If you really understand business your answer should be your clients. Every business that wants to achieve outstanding long-term success must understand that their client list is the number one asset they have. What’s the “life time value” of your clients? Do you know the “life time value” of your clients? Here’s an important exercise I recommend every business should do. Figure out the “life time value” of your clients, especially your top 20%. If your clients were to do business with you for the next 5 years how much revenue would you generate from them? Do the math and you’ll get an idea of their “life time value” and see why your clients are your number one asset. How to create “Raving Fans”? Research indicates that it costs about 8 times more to acquire a new client than it does to retain one. So you should be going beyond the “extra mile” to show gratitude to your clients. According to local author Sheldon Bowles, you must strive to create “Raving Fans”.  Your goal should be to provide such great products and services that your clients will become part of your sales force. They will love you so much they will brag to their friends family and co-workers about you. You don’t own your clients. Don’t assume that because you have a client today, you’ll have them tomorrow. You don’t own your clients. They are doing you a favour by giving you their business. Treat them accordingly, try to discover their wants, needs and desires and educate them  on how your products and services can help them operate a better business. Marketing communications with your clients should be done at least once a month. Why do most businesses lose clients? World famous marketing consultant Dan Kennedy sites in his book (“The Ultimate Marketing Plan”) the following reasons: 1%    die or goes out of business 3%    move away 5 %   listen to a friend or relative and switch to another         business 9%    leave because they found a better price or          product or service 14%  leave due to dissatisfaction with the product or          service This only accounts for 32% of the losses. The vast majority (68%) of your clients will leave you because of what they perceived as “indifference” from your company. Simply put they felt “unappreciated, unimportant and taken for granted”. Can you afford to lose 68% of your business? How many of us can afford to lose 68% of our clients? My guess is none. So what are you doing to make your clients feel appreciated and important? What’s your plan to create “raving fans”?  If you don’t have one, it’s time to start taking some action. -------------------------------------------------------------  Newsletter courtesy of: Kevin Toney - “The Marketing Coach”. If you would like to discover how to attract high quality prospects and generate endless amounts referrals call 204-783-6342. Email: TheMarketingCoach@PrimetimePromotions.ca  www.HowToIncreaseYourSales.com