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Buyers Don't Owe You Their Loyalty
One of the most dangerous assumptions a salesperson can make is to act as if a customer owes you a measure of loyalty because of all you've done in the past.
True, many buyers do feel a sense of loyalty to their vendors. But it's loyalty that's freely given, not owed. And if circumstances change, it can vanish in an instant.
It's safer to view customers as free agents who constantly make new discoveries, get information easily, and do not feel beholden to a salesperson.
'Don't take me for granted'
A survey of why customers leave came up with the following:
- 3% simply move.
- 6% develop other relationships.
- 9% leave for competitive reasons.
- 14% are dissatisfied with the product or service.
- 68% leave because of an attitude of indifference toward them by the owner, salesperson or other employee.
The cost of complacency
The survey also found some compelling reasons why you should constantly be working to re-earn your buyers' loyalty:
- It costs six times as much to attract new customers as to keep old ones.
- Seven out of 10 complaining customers will do business with you again if you resolve the complaint in their favor. If you resolve it on the spot, 95% will do business with you again.
- A satisfied complainer will tell five people about how the problem was resolved.
- A typical dissatisfied customer will tell eight to 10 people about the problem. One in five will tell 20.
(Source: Michael Boyette, Rapid Learning Institute, 07/25/12)
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Upcoming Webinar: Budgeting Strategy and Tactics for a Successful 2013
An accurate budget can be the single most important document to assure any manager's successful year. Before you submit your 2013 budget, join RAB's John Potter as he discusses strategies, systems and new ideas for completing this critical task.
This webinar will offer resources for projecting revenues, while exploring the economic, advertising and station factors that can influence your budget. A discussion of staffing considerations and tools you can use with your sales team to involve them in the process will also be featured.
This webinar will be offered twice -- next Tuesday, August 7, at 3 PM (Central), and again on Thursday, August 9, at 10 AM (Central). For registration information, click here.
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