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The Value of Loyalty By Timothy F. Bednarz, PhD, American Management Development Group What have you done to demonstrate to your customers that you are trustworthy and show that you care about the customers success after the sale?

New customers are important to the growth and success of any business.

Repeat customers often represent an even greater investment return for salespeople. However many salespeople understand the concept of repeat business without really considering its many benefits to themselves and their companies. Satisfied and loyal customers have a lot to offer you and your business.

Implications to the Sales Person

As a customer's lifetime with a company lengthens, the customer’s value increases. The longer a customer buys from a company, the more dependent they may become on its products, services and people and less likely to leave for the competition. Happy, loyal customers are more likely to generate new business by word of mouth. The longer a customer buys from a company, the more people they'll have a chance to tell about the quality products and services provided to them.

The Application

There are specific strategies for a sales person to follow to develop increased customer loyalty. These include:

Establish and maintain a customer information file This customer information file should include all current, potential, inactive and past customers. Remember, the more thorough the information in your file, the easier it is to design an effective sales and marketing strategy.

Blueprint customer contacts Make sure you know all the people within your company who are interacting with your customers. Note the nature of the interaction, when it occurs and what purpose it serves.

Speak to all those interact with your customers and emphasize the importance of prompt, competent, courteous treatment and service.

Conduct customer satisfaction surveys These surveys provide you with the important feedback on the quality of the products you offer and the service you provide.

Additionally, the surveys tell customers that you care about their opinion and input.

Analyze customer feedback Encourage customers to voice their comments and complaints. Read and respond promptly to all letters and phone calls. You will find that customers are the best source of information and ideas on how to improve your products.

Design and manage communication programs A great way to foster customer loyalty is keep in touch with them proprietary newsletters and magazines which give them information and insight. Add a note on how the information can be applied to their business.

Host special customer events Special events bring customers together and allows them to reinforce their decision to buy from your company and encourages them to continue to do so.

Identify and reclaim lost customers Often, all it takes to bring a disgruntled customer back to your company is an invitation and perhaps a promise to solve the problem that drove them away in the first place. Even if they refuse to buy, you can still collect some valuable information on why they were dissatisfied with your product or service and what you can do to improve it.

Something to Think About

The best source of new business is your existing customers. With that in find, consider the following points:

1. What efforts have you taken earn your customers loyalty? Detail and explain.

2. What have you done to demonstrate to your customers that you are trustworthy and show that you care about the customers success after the sale? Explain.