Various studies have show that it takes between 5% and 25% more dollars to acquire a new customer vs. keeping existing customers. Depending on who you believe and err on the low side or go all in and believe the high side, either way, it’s a bunch of money that could be better spent elsewhere.
Customer retention is the name of the game, and successful businesses are those that understand these metrics.
With that in mind, this week’s quick tip is about customer appreciation.
Who are your best customers in sales, parts or service? You know who they are, right?
If not, run the report and find out. Take the time this week to reach out to the top 5 and say “thank you.” And truly mean it.
Try this exercise, and I’m sure you’ll begin to see great results. At the beginning of each week, go through the previous week’s receipts and pick out five customers, give them a call and say thank you for their business.
The results will astound you.
Reach out to me and let me know how it works.
As always the ideas expressed above are my own, and I make no claims to the success or failure of implementing them. They are suggestions to make you think. Please vet all ideas against your business plan before implementing them.