DECEMBER 2014
SPOTLIGHT www.dakotasupplygroup.com
Tom's Current
MVP
REWARDING GREATNESS In business, it’s tempting to take your best customers for granted. After all, they sort of take care of themselves. On the other hand, prospects hold the promise of new business while complainers, disorganized planners and late payers demand constant attention. It’s not uncommon for you to spend 80 percent of your time on these groups while your best customers quietly account for nearly all of your profit! History has shown that this is the wrong approach. Think back to how many of your problem customers have somehow changed into good customers. Can’t think of any? That’s because they almost never do. Even big customers can cause you to lose money if they constantly beat you up over price or demand too much of your time. And while you do, indeed, need
to spend time on new business, consider this: growth with current customers – particularly good customers – is one of the best bets for success in any business. In other words, playing favorites is indeed, a sound strategy for business! Here’s how you do it: First, carefully identify your best customers (for example, your top 10 or 15 percent). I say “carefully” because you may be surprised that some of your favorite customers are not necessarily your most profitable customers. Don’t be fooled. The numbers rarely lie, and it’s important to recognize the real standouts and not just the nice guys. Next, develop a plan to reward your best customers in a way that builds loyalty and reinforces your relationship. This doesn’t have to be expensive. Handwritten notes are a good example of a personal touch that says “you’re a special customer” with very little cost. No matter how you choose to approach your best customers, devote the lion’s share of your energy and attention to them. Make them feel important, and they will only become better customers in the long run. That’s how you grow your business, and DSG is here to help.