Five Reasons to Focus on Your Best Customers
by Scott JeffreyAug 10, 2010
Your best customers are your Brand Lovers. Understanding the needs of your Brand Lovers and serving them better than anyone else is critical if you want to outmaneuver the competition and grow a long-term sustainable business.
Here are five reasons why your Brand Lovers are so important:
1. Your Brand Lovers choose you more often than your competitors. To most Mac users, there’s no alternative competitor to choose from.
2. Your Brand Lovers spread the word about your brand and create new customers for you. Basically, your best customers are the source of your word-of-mouth stream.
3. Your Brand Lovers are by nature loyal customers. Customer loyalty is a better determinant of profitability than mass appeal. (Again, just ask Apple.)
4. Focusing on your Brand Lovers and cultivating customer loyalty can help you double your return on assets (ROA).
5. Similarly, serving your best customers can lead to explosive return on investment (ROI). Example: When Apple opened their retail stores they expected to generate $1,000/square foot. They actually generated $4,000/square foot.
Ultimately, your Brand Lovers drive the profitability of your business. A Brand Model helps you attract more profitable customers.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
2 Comments
Garious
August 18th, 2010 at 11:17 pm
I totally agree with you; Love your very best customers! When they are the very blood that keeps your business alive in these tough times, it is important to create that strong bond of trust and loyalty. There’s still a great power behind word of mouth advertising, taking your brand to the grassroots level and giving them the power to help you innovate. This is why crowdsourcing is popular these days.
Brant Kelsey
August 24th, 2010 at 2:52 pm
#6 It’s cheaper to sell to an existing client because there is less need to advertise to them, and even less cost in educating that customer on what you do and why its beneficial to them… they already know! Much more time, money and effort go into selling a service/product to someone the first time.
Leave a reply