CUSTOMERS Your most valuable asset?

[Michael Smith]

Maximise your most valuable asset

Many business owners will probably think of assets as the ones that appear on their financial statements and balance sheets, such as cash, equipment and premises they own.

Some of you may favour these over the most important asset of all - and it's one that you won't find on any balance sheet. That's your customers - the individuals or businesses that buy your products or services.

Potentially this is the most valuable asset you own, but for just about every single small business this is an asset whose potential is never properly maximised or realised.

So how can you maximise the revenue and profit generating potential of your existing customers, an asset that you've already borne the cost of acquiring?

The secret is quite simple. You should communicate with them.

Communicate regularly and frequently.

Communicate thoughtfully.

Communicate cleverly.

Communicate honestly.

Be warned, though, this is not about bombarding them with incessant and blatant sales pitches in mailshots or e-mailing them with what will effectively just be a form of spam.

The object is to make them feel proud to be your customer and to remain so, not to make them sick when they think of you or hear your sales patter for the umpteenth time in a month.

Here are a few ideas about how you can do this:

Call them. Ask them how they are, what they're doing that's new or if there's anything else that you can help them with.

Update them. Let them know when you've got something new, different or complementary to what they've previously bought from you.

Reward them. Offer them something free or a special bonus deal in return for their loyalty and ongoing custom.

Every business, once it starts trading and finding new customers, begins to start building this intangible but incredibly valuable asset so that it can grow to even greater value. But to do so you must recognise this asset's value right from the start and learn how to maximise it by communicating carefully, ethically and professionally with your customers.
Regards
Michael