It’s officially Autumn and we find ourselves turning away from summer activities to a more festive time of year. During this time, as business executives and entrepreneurs, we begin to think about ways to acknowledge our best customers in a way that makes them feel valued. This prompted me to do some research on the value of said customers. What I learned was staggering and insightful. Did you know that 80 percent of your future profits will come from just 20 percent of your existing customers?
How about these interesting tidbits...
- The probability of selling to an existing customer is 60-70 percent. The probability of selling to a new prospect is 5-20 percent! (And we all know the cost of acquiring a new customer.)
- 65 percent of a company’s business comes from existing customers.
- A typical American business will lose 15 percent of its customers each year.
- 27 percent of small business owners estimate that 11-20 percent of first time customers don’t return to their business.
Being memorable and building relationships is vital according to the statistics above. How can we stand out? How can we build relationships with our clients in a way that builds loyalty? Here’s another scary stat - 68 percent of customers leave because they perceive a company is indifferent to them. And for businesses serving a high-net-worth demographic, white glove service is essential. According to the book, The Art of Selling to the Affluent, these clients don’t complain, they just leave.
Research reveals the following principles are effective in good customer service.
- Be responsive
- Be knowledgeable
- Be relevant
- Be pleasant
- Be different
It is the last point that brings me to the point of this communication. “Finally”, you say. :) Good customer service is so rare (as you’ve probably experienced yourself), that when it is received it really stands out.
Our thoughtful team at Cellar Angels has designed an easy, meaningful and memorable way to stand out to your best clients this holiday season. Acknowledging them with premium, small-batch wine they are unable to find in retail, while supporting small wine producers, is thoughtful enough. But imagine how unforgettable you are when they learn a portion of proceeds were donated to charity?
This holiday season, it is our mission to assist entrepreneurs and business executives to stand out. This is an opportunity to give holiday wine gifts AND enjoy a little something for yourself. We have a personalized program so feel free to contact our team with any questions, comments or if you want us to create a specialized wine gift your client will not forget.
Denise Cody, Cellar Angels COO