Customers: Your Greatest Business Asset -

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Customers are the lifeblood of any business. A business can only stay in business with the right number of customers and at a steady rate. Customers could either be an individual, often involving a certain title such as patrons, patients or policyholder; or it could be another business, hence the term “business to customer” (B2C) and “business to business” (B2B) respectively. Either way your business must have systems in place to make sure you keep generating the right number of customers, keep them happy and retain them.

Customers, just like your other business assets such as furniture and fixtures, have a lifetime value as well. Sadly very few business owners are able to understand this that is why they fail in continuously satisfying their customers. In fact with a satisfied customer, business income can easily be projected. If you have a regular customer who buys from you 3 or 4 times in a year, multiply that to at least 5 years, the answer would likely be that customer’s potential sales for your business. And with a satisfied customer, you can expect him or her to refer your business to 5 more persons, and the cycle continuous.

How should you protect this important “asset” of your business? Here are a few ways:

  1. Design a system that will profile your customers. The profiling should answer questions like “what is the primary reason he buys the product?” or “how often does he need the product?”.
  2. Capture their names, address and contact information as well as their business or work connections. This will determine if they have the right network to refer your business to or establish whether a “customer get customer” referral program might work.
  3. Create a strong customer service and customer feedback system. If they complain about a product find or service, find out why and look for ways to resolve the problem.
  4. Have a regular product promotion in place. Don’t always assume that they will not try your competitor’s product. Regular promotions will keep your customers excited and may even have a tendency to overbuy than usual.