Do you take advantage of your greatest opportunities for growth? Most business owners and entrepreneurs do not recognize or take advantage of the assets they already have in their businesses. These resources offer the biggest opening for growth. And, leveraging these assets requires the least investment of both time and money.
The biggest of these “hidden” assets is your customer list, and it should be the most obvious place to begin leveraging. Let’s take a look at what leveraging really means. This word is used commonly in business settings, and I’ve come to realize that many small business owners don’t really know what it means for them.
A definition of leverage:
The ability to influence a system, or an environment, in a way that multiplies the outcome of ones efforts without a corresponding increase in the consumption of resources. In other words, leverage is the advantageous conditionof having a relatively small amount of cost yield a relatively high level of return.
If you were to leverage your current customer list, what would that mean? Do you know why these customers do business with you? Perhaps that seems an obvious question, but surprisingly, many business owners do not know who is doing business with them or why they are loyal customers.
It makes absolutely superior business sense to know who your most profitable customers/clients are. And, by ensuring that you provide them with excellent service, they will be loyal to you and generate more business.
When these customers/clients are happy, they will most likely refer you to others in their circle.
On a scale of 1 – 10 with 10 being, it couldn’t be better–
- How good is your communication with your current, loyal customers?
What is one way that you can increase your communication with them?
- How is your service to them?
What is one way that you can improve your service to them?
- How visible are you to them?
What is one way that you can increase your visibility to them?
- How strong is your relationship with these customers?
What is one action that you can take to strengthen your relationship with your loyal customers?
Your responses to these questions are simple, easy, cost effective ways to leverage your already loyal customers to do more business with you.