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mergermentor.com | Of Value Reports | One Key to Long-term Profitabilty is to Build . . . Search 




One Key to Long-term Profitabilty is to Build True Customer Loyalty
by Richard Mowrey

Effective research is the key. Find out whatever your customers need, want, and value.  Find out what they simply must have from their suppliers. Once you start asking questions to get these answers, a clear picture will form fairly quickly. (If you cannot do this yourself, hire a specialist to do it for you.)  You want to develop the better offer, the better product, better service.  But you cannot do that until you know what they value.  You must know how they are going to measure whatever you or your competitors do for them.

Not only should you find out what your customers what, but you should assess the end uses of the products or service you provide. How do these services and products help them? Once you understand their ultimate use of what you supply, you can begin to help them use it more effectively to achieve their goals. And, if you can help them achieve their goals, you will have gained a customer for life. Not only that, you will have likely gained a productive and profitable referral source as well.

If you are not sure what your top customers value, contact customers and propose offers and identify benefits to them. Measure the reaction.  Adjust the offer as you continue to research your own customer base. 

You must always remember customers ultimately want the same thing: 

They want the best deal…period! 

But, they do not all define the best deal the same way. 

It is your job to find out exactly how they define the best deal and then to give it to them.  Once you do that you will have dramatically increased your customer loyalty.

When you have this accomplished you must constantly communicate with them, give them more information on how to use your products/services, more knowledge, more value, and the complete reassurance that they have the best deal for them. Continuity of this message with continuous feedback to make any required changes over time is the key to successfully enhancing your long-term relationship with your customers.




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