by Julian Ignatowski, Sr.
Unless you've forgotten, the main reason for being in business is to make money. In order to make money you need to have customers who pay you for the goods or services you are selling them. The customers who are loyal and keep coming back to purchase more goods or services from you are called your "base". Businesses are constantly implementing new strategies in order to grow their base. They spend millions on public relations, marketing, and advertising consultancy firms at the high hopes of gaining more customers who will buy those same goods or services. The more customers you garner; the more profits you get to enjoy.
There are so many basic things that can be done. Quite honestly, these are done at reasonably minimal costs to the company. Let's discuss some of these strategies. The first method is perhaps the easiest. When working with a current customer, simply ask them to refer their friends, family and colleagues. That's right. It's as easy as opening up your mouth and promoting yourself. "If you like the service we've provided you, we'd be honored if you didn't keep us a secret!" Simple enough, eh?! Try it.
The second method is going to cost you something financially, but, you get to set the terms. Roll out what I like to call "The Three R's". Thank them by recognizing, rebating and rewarding their referrals. Recognize them with (at minimum, that is) a letter from your firm acknowledging them and establishing the key fact that "customers just like you are the cornerstone of our company's success". Mention the name of the person they referred and make the promise that you will work hard at honoring their referral by working hard on providing the new customer with the same stellar service that has been provided to the one who referred the new customer. One of the ways in which I feel gratified, is by receiving recognition. A chiropractor's office that I used to go to ten years ago, would have a HUGE "Thank you" wall. On this wall there would be the names of current customers who had referred new new customers. Well, since the wonderful onset of HIPPA laws, these types of walls have been removed, but it was nice to see my name up on that wall every time I referred a new patient to the practice. It was a nice intangible. It cost the practice nothing, but meant the world to me. Who doesn't like to be thanked?!
Rebating. This can come in the form of an actual rebate, a coupon, or some form of discount renumeration to be applied towards future purchases. Who doesn't like to save money on their purchases? Everyone does. For example, the bookstore I belong to, Books-A-Million, has a frequent buyer program. For a small annual fee of $20, I not only get a percentage off of every purchase I make, both in store and online, but I get coupons emailed to me on a regular basis. A health food store I used to shop at back in southern Connecticut, would punch holes in my frequent buyer card and once I completed the card (approximately $350), I'd get to redeem the card against a future order as a $10 off coupon. I know it's not a ton of money, bu
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