Happy Valentine's Day

Tomorrow is Valentine's Day...a day when we show our sweethearts how much we love them. But, do you also show your customers how much you care for them? Do you nurture those sales leads? Do you follow up with customer inquiries? Do you handle customer complaints in an efficient, caring way? I'll bet you that many companies don't spread the love to their customers on a consistent basis. You're probably too busy chasing new customers and dropping the ball on paying attention to existing customers. So, why is customer retention so important?

Yes, I agree we all need new customers and we all need to continue to grow our database of prospects. But, marketing tends to generate inquiries and doesn't think about developing programs to maintain and preserve the equity they already have in their existing customers. I know we would all like to have our customers stay with us "until death do us part" but we know in reality that isn't possible. But, what can you do to spread a little love to your customers? Here are a few tips.

• Make sure you are in constant contact with your customers. This is easily accomplished through monthly e-newsletters, your blog, or some other type of regular correspondence.

• Offer your loyal customers some incentive to remain loyal. Make them feel special. Give them special previews of things to come. Provide them information before you send it out to the general public.

• Create special marketing programs just for existing customers. You could offer a discount or invite them to a unique event for customers only. Whatever you do, make sure they feel special.

• Ask your customers to participate in surveys so you receive feedback (both good and bad) in order to improve your customer service, products, or how you interact with those customers.

• Plan an open house and showcase your facility. This is a great opportunity for your customers to have one-on-one conversations with your executive management. This can be a very good learning experience for all.

So, this Valentine's Day, don't just think about your sweetheart. Think about how you can make your customers feel loved. You'll reap many dividends for years to come.

Leads, Leads, and More Leads: Are You Following Up?

How many of you feel that your marketing efforts are doing a great job of generating leads? You probably are doing a great job as evidenced by the number of leads you are generating. But, what do you do with those leads after you've dumped them into your CRM database? Most marketing folks say, "Well, that's the sales reps job to handle." But, we all know that sales reps tend to call on only the most recent leads or former customers to whom they've sold products to previously. How do you increase your conversion rates for these "cold" leads?

• Qualify the leads. Determine what a qualified leads looks like to your company. And, don't just use the term "hot" because it is a "new" lead. Check to see how many of those aged leads remain viable and for what length of time. You may be surprised to find out that there is a high percentage of prospects that you can convert to customers.

• Follow up with these aged respondents. Send follow-up information, offers, or educational information. In other words, stop ignoring these people. You may be leaving money on the table.

• Don't get wrapped up in the chase. Even if you have done some follow up of these unconverted leads, don't get so wrapped up in chasing new clients when you've failed to court these aged leads to the fullest extent. You could send them an e-mail, a promotion, or an invitation to a trade show, if they fit that category. And speaking of categories, don't just dump all of your leads into one huge database. Do some market segmentation or clearly define other categories so that you can target your communications more effectively.

So, don't throw away those "cold" leads. Convert them to customers.