Want Growth? Focus On Emotionally Connecting With Your Customer with Henry Mittelman
The truth of the matter is (and this is something you should take to heart) people make buying decisions based on emotion.
Then they use facts to support that decision. They are more focused on the emotional side of what a product or service does for them than on anything else.
Think about this example:
You spend a reasonable amount of time researching the car you want. You go to an automobile dealership known for offering the lowest prices in town to buy this new car, and it takes about thirty minutes for the salesperson to approach you.
Then, when they aggressively try to sell you a car, you don’t want, but a more expensive car, you’re turned off. When you discuss it with the manager. He isn’t interested in what you have to say, and that makes you angry. Even though the dealership has the lowest prices, would you still buy a car there? I think not. Your emotion drives your decision.
So whether you are in retail, manufacturing, technology, professional services, or any other industry, the most critical question of all for you is: “Will the product, service or solution I am providing stir a positive emotion in my customer?”
Apple is an excellent example of a company that truly understands customer psychology. Other companies offer faster laptops and more impressive technology than the MacBook, iPad, and iPhone, yet Apple is a tour de force in the technological market.
Why? The company has figured out how to make an emotional connection with consumers. Their customer base feels good about their purchases, so they continue to choose Apple again and again.
Remember, these are the same customers that are lining up overnight to be the first to get their hands on new products. However, they don’t do that for Apple competitors like Microsoft and Dell because they haven’t made this same kind of emotional connection. In the average consumer’s eye, these other companies produce commodities and nothing more.
What Business Are You In?
Dan Kennedy, probably the most highly recognized marketing expert in the world. He teaches that marketing is the cornerstone of any successful business, and he’s right. Let’s face it; it doesn’t matter what product or service you are selling unless you have a buyer. If your mindset doesn’t embrace that fact, you will probably spend a whole lot of time doing things that don’t matter.
Marketing is about communicating with and educating your customers, prospects, and referral sources why it’s in their best interest to do business with your company. It is about educating the right target audience on the advantages, benefits, value, and results you can provide.
To drive home a point, one of the first questions I ask a new client is, “What business are you in?” The usual answer I receive is something like, “I’m in the printing business,” or “I’m in the chemical business,” or “I’m in the retail business.” The funny thing is that no matter what answer I get, I say to this prospective new client, “You’re wrong.”
From a mindset standpoint, there’s only one right answer, and that is, “I’m in the marketing business.” If you don’t have a marketing process for your business, your goal should be to develop one, right away.
There are five ways to grow your business:
- Keep the customers you have.
- Bring in more customers.
- Increase the average transaction size (unit sale).
- Increase the frequency of purchases.
- Say “no” to bad customers/prospects.
To sum it up, you want to keep the customers you have. While bringing in more and sell more substantial amounts more often. Do one of these, and your business grows; do two or more of these well and your business will grow exponentially.
Keep What You Have, Grow What You Have
Don’t underestimate the need to satisfy and retain customers. Most businesses put too much money, time, and effort into chasing new customers/prospects and far too few resources trying to keep their current ones. Real profits and stable revenue streams come from long-term relationships and repeat business with your current, loyal, profitable customers.
Some experts believe that up to 80 percent of a company’s future growth can come from existing clients. Customer satisfaction and retention should be a significant marketing priority. If all of this resonates with you, do something about it starting tomorrow: develop a more balanced strategy.
Focus On The Long Term: Invest In Lifetime Value
Apple’s success illustrates the importance of focusing on your customer. When building a business, connecting with your customers and listening to their needs is paramount. It’s an investment in lifetime value, which ensures longevity and competitiveness in your given market.
It amazes me how many business leaders fail to focus on their customer or client, and instead divert their attention to less important details. Customer feedback, especially on what you’re doing right and what could be improved, is one of your most immediate barometers of overall success. While it shouldn’t be taken for granted, many business owners let the customer’s voice fall through the cracks
Acquisition Marketing Versus Retention Marketing
Every business needs new customers and must have a solid marketing strategy to attract and sell to them. With that being said, attracting new customers is the primary marketing strategy. While it’s true a business can’t grow without new customers, it’s not always the most effective or efficient strategy.
Your present customer base can be a goldmine for you if you manage and nurture them effectively. Don’t pass up a golden opportunity to grow your business. If you want to ensure longevity and grow your business effectively, a sharp focus must be consistently centered on lifetime value.
This is a simple concept that will pay you huge dividends over the life of your business.
About Henry Mittelman
Henry Mittelman provides his clients an unbiased clear lens, guidance, sounding board and the strategic counsel to effectively implement the appropriate procedures, systems and tactics necessary to drive the business forward day after day! Henry is a distinguished member of Forbes Coaches Council, a Keynote Speaker and author of the Amazon #1 Best Selling Book “Get Your BusinessUnSTUCK for GOOD!” www.ceoadvisorypartners.com Phone: 617-901-6159