The Newsletter Pro - Online

the business that people can’t get enough of. This is the subject tackled by author and entrepreneur Brian de Haaff in “Lovability: How to Build a Business That People Love and Be Happy Doing It” — a book all about how you can develop a business that your customers genuinely love . As the co-founder and CEO of Aha!, a product road map software firm, de Haaff dives into the product side of things more than anything else (though much of the advice applies to service providers as well). First, he asks the question, “What is a product?” Sure, it’s the thing that people buy from you, but there’s a reason behind that product, not to mention an entire business. He encourages readers to look inward to understand what matters within your business. Is it What do you do to let your customer know you have a crush on them? You tell them, of course. Much like how crushes can turn into mutual affection, customer relationships, when cultivated properly, lead to customer loyalty. Keeping your loyal customers makes for a profitable business, too, though not everyone knows it. According to research by Invesp, retaining an existing customer is five times cheaper than acquiring a new customer. Yet, over 44% of companies admit that they focus more on acquisition than retention. Focusing your budget and energy solely on finding new clients may be a big mistake. Research shows that increasing your retention rates by 5% can increase your profits by 25%–95%. If that doesn’t convince you, think of how hard you have to work to get sales from cold calls and constantly making first impressions. The success rate of selling to a new customer is often between 5% and 20%. The success rate

really the product, or is it something more significant? When you understand this, along with how to develop a business strategy that customers truly connect with, you get to the heart of the matter and can better develop a business and brand that customers will adore. But more than that, you can also build a business that your employees adore because you can’t have a business that customers love without a business that employees love. While “Lovability” does have a product management slant, there’s more than enough content for all types of readers, and de Haaff hits a lot of crucial points that just about any business can use in upping their lovability. importance of the customer service experience. Over 82% of consumers in the U.S. say they switch products or services because of poor customer service. Don’t be that person who makes your customers feel ditched and alone after they buy. Second, communicate clear customer expectations. You need a high standard for what customers will experience while engaging with your business. It’s hard to make everyone happy if of selling to a customer you already have is 60%–70%. While gaining new clients is important for growth, a significant percentage of revenue comes from existing customers — and that gets you more money and stable growth that’ll boost your financial planning ability. This can make your anticipatory budget decisions much easier to make. So, how do you keep your customers happy? First, never underestimate the

you don’t know them, but you can certainly give everyone a clear idea of what to expect. It’ll also give you plenty of ways to happily exceed the expectations you set. Second, overdeliver on your promises and surprise your customers. It’s healthy to set a good routine, but don’t get used to the motions. Try to keep your customer relationships fresh and exciting and go the extra mile wherever you can, like providing surprises just for that customer. Surprises help your customers remember your business. A classic, yet exceedingly rare, way to say thank you is by sending a handwritten note. Other times, it means sending a great birthday offer they can’t say no to. The costs can range widely, but even small surprises that are unique and interesting will help boost your retention rate.

Continued on Page 6 ...

Have You Heard the Good News?

Romans 5:5–6 — "And hope maketh not ashamed; because the love of God is shed abroad in our hearts by the Holy Ghost which is given unto us ... For we know how dearly God loves us, because he has given us the Holy Spirit to fill our hearts with his love." Psalms 25:20–21 — “Guard my life and rescue me; do not let me be put to shame, for I take refuge in you. May integrity and uprightness protect me, because my hope, Lord, is in you.”

5

www.newsletterpro.com

BUILDING RELATIONSHIPS TO HELP SMALL BUSINESSES SUCCEED.

208.297.5700

thenewsletterpro.com

Made with FlippingBook flipbook maker