Which is more profitable for a company: a current customer or a new customer? The inclination to state that new customers are greater in financial benefit and significance is false, as existing consumers are much more profitable for businesses.
Organizations need a solid consumer base to thrive, which is why so much time and effort is put into acquiring clients through product innovation to sales and marketing. Unfortunately, business teams get vastly lost in the funnel needing to be filled by new consumers, so much so that not many companies spend an equal amount of energy fostering existing customer relationships. Since existing consumers are more financially beneficial for businesses, should companies seek out how to manage client relationships on each end equally?
Everest Business Funding says yes, managing client relationships, including new and present, should be seen as an equal task. Understanding acquired and existing clients’ businesses, operations, and needs is a critical part of the Everest Business Funding process. The small business funding company explains how to manage any client relationship to a higher standard so that no consumer feels lost in the clientele crowd.
5 Strategies for Better Managing Client Relationships:
#1. Get Personal
One of the first actions a business can take when strengthening relationships with existing clients is to take the time to understand how they work. From marketing research on targeted audiences to personal interactions, a piece to the puzzle of getting to know clients is learning to speak their language. This process means learning how to most effectively and efficiently communicate with current clientele, feeling out tone, and figuring out what level of professionalism best suits the recipient.
#2. Give Clients a Voice
Sustaining a solid relationship with existing customers means giving those individuals a ticket to be included in company strategies and asking for feedback on products and services. Receiving feedback is not just a one-time deal- it should be consistent. While businesses are building up client relationships granting feedback, they are also benefiting from constantly improving to meet consumer needs to keep existing clients and serve new ones better.
#3. The Power of Face to Face
There are many avenues of communication available to humanity, thanks to technology. However, one original way of conversing remains the most impactful, and that is when a conversation happens face to face. A voice over the phone serves a better tone-read than through a chat or email, but when serious matters occur, meeting face to face could be the difference between keeping and losing a client.
#4. Go Above and Beyond
If an organization loses existing clients due to unmet expectations, remember the common saying, “Under-promise and over-deliver.” Sticking to this motto and learning how to avoid overcommitting will help disappoint customers less and work up the ladder to deliver the expectations initially set. Existing clients will more likely stay as a customer if they know the words spoken by business employees are not hollow.
#5. Always Respect Consumers’ Time
A business’ agenda to manage existing consumer relationships does not mean everything is a one-way street. When building relationships, there must be respect, especially respect for the client’s time. Respecting time means sticking to set appointments and not spending too much time with small talk. Like Everest Business Funding, organizations should make a client feel like a professional partner.
About Everest Business Funding
Everest Business Funding provides alternative finance options and revenue-based funding to small business owners. They serve a diverse pool of businesses, from healthcare to retail, to help them obtain working capital to grow, buy inventory, launch marketing campaigns, or hire staff. Everest Business Funding’s clients are treated with respect and receive high-quality guidance and service from its professionals.