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Who’s going out of their way to keep you as a customer these days?
. . . Can’t think of anyone?
You’re probably right. And isn’t that just wrong?
Especially now.
This is a common business error
Business owners — including franchisors and (especially) franchisees — make this same mistake repeatedly. They even do it in the best of times, but it’s easier to get away with it then — who needs to keep customers when there are so many customers to be had? (Even then, that thinking is so wrong).
Customer retention has never been more critical
But nowadays, wow, if you’ve got a customer, you better hold on to him or her.
That means franchisors need to be holding on to their franchisees, and franchisees need to be holding on to their customers and clients. Who’s got the money to replace so many customers?
Franchising can differentiate itself here
But neither franchisors nor franchisees do a very good job of retention. For example, when did you last have a meaningful conversation with your top 5 franchisees? Or your top 5 customers? (I don’t want to embarrass you, but do you even know who your top 5 are? If it makes you feel better, most business owners don’t). What have you done for your top customers recently? Sometimes, by the way, just a phone call to check in with them is all it takes to differentiate yourself.
But chances are you’re like everyone else — not doing much to retain customers!
Your opportunity to out-perform the competition
That comment alone — if it’s valid — should give you a brilliant idea! Set yourself apart from all your competitors by doing something now, today, to retain your customers. Especially your best customers.
What do you budget for customer retention?
Most businesses will budget for customer acquisition, but they spend little to nothing for customer retention. Doesn’t make sense, but hey, there’s a lot about life that doesn’t make sense.
When you’ve got a spare moment, perhaps you’ll give some thought to what you’re doing, what your business is doing, to retain the customers you’ve got. It’s important to hold on to the good ones now!
Meanwhile, I’ll be working on some related posts, i.e. the importance of keeping the “right” customers, what to do when you have the “wrong” customers, etc. All written to help you build a more satisfying and profitable business! As always, I invite your comments.
Photo image by: nathalielaure
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