Focus on what you haveÂ applies business opportunity seekers
Sometimes business opportunity seekers do not realize what assets they do have
It would appear that many businessÂ opportunity seekersÂ are unaware of what they have and are consistently going after what they donâ€™t have. By this, I mean customers. Businesses tend to spend enormous amounts of money trying to get a new customer into their store while blatantly ignoring the customers they already have.
Why? It is most likely an erroneous belief that once you have a customer that customer loyalty will keep them coming back for more. While this may be true in some cases, you will find that it is easier and cheaper to keep old customers coming back than it is to bring new customers in.
New car dealers seem to be the worst. They spend huge amounts of money on radio, newspaper, and TV ads to bring in new customers. However, they rarely spend money on a mailing or a party for current car owners. Luckily, for the car business, everyone buys cars Â so they are not hurting for customers.
This same behavior seems to cut across all segments of business. For instance, a local dry cleaner spends money to have their coupon in the Val-Pak each month. They also spend money to have a coupon in the newspaper each Sunday. These coupons are for new customers only. Yet, those that already use that dry cleaner never receive a mailer offering them a discount for being a loyal customer. What does this do? You guessed it – new customers flock to the dry cleaner for the one-time coupon and old customers flock to a different dry cleaner offering a similar deal for new customers. Customer loyalty is deleted with this practice and it can be a painful lesson for a business opportunity seeker.
Take care of the customers a business opportunity seeker has. Reward them for their loyalty. Offer them things that new customers cannot get. Make sure they talk about you to their friends and family. You will find that if you focus on retaining good customers, your business will flourish.