North Star

Encouraging News from Harvard Business Review

Harvard Business Review, in The Daily Stat, reports that U.S. consumers’ debt burden is shrinking. Write-offs, foreclosures and low interest rates have driven Americans’ debt obligations down from 14% of disposable income in 2007 to 10.9% at the end of 2011; the lowest point since 1994, according to The New York Times.  Consumers thus have more money to spend on other things. That may be one reason for the recent strength in retail sales, the newspaper says.

Source: Debt Burden Lifting, Consumers Open Wallets a Crack

Building Customer Loyalty - Part 4 of 4

Our final “Tip” on examining your current efforts in building customer loyalty:

The Unexpected Visitor:

Building loyalty is all about communication and relationships.  Instead of the same salesman every visit, schedule an unexpected visit from the President, the CEO or the Plant Manager.  Allow your customers to get to know your people better and they’ll be more loyal.  Remember, people buy from people, not corporations.

Remember, your greatest customer opportunity may be right in your own database - your customers.

Building Customer Loyalty - Part 3 of 4

  Continuing with our “Tips” for Building Customer Loyalty and the value of building sales with current customers:

Find out what your customers think:

Research shows that only about 4% of your dissatisfied customers will complain to you, but if you have a third party survey them on a regular basis, you’ll get a whole lot more information. When you ask your customers for feedback, you’re telling them that you value their opinion and that makes them feel important. Then, when you find out what they’re thinking, do something about what you hear: Happy customers means more money for your business!

Let us help you discover ways to build customer loyalty. Visit www.northstar-m.com.

Building Customer Loyalty - Part 2 of 4

Last time we promised three “Tips” to building sales with current customers. Check out what you are presently doing and, if appropriate, add Tip #1 to the mix:

Let ‘em know what you have:

How many times have you shaken your head in disbelief when a customer said, “Oh, I never knew you had that!!!” and you could swear you’ve told him a million times about the hot new widget or flavor you introduced six months ago.

Research shows that only about 30% of your customers know about everything that you have to offer.  Most of them know what they buy from you and don’t know the rest of the line.

The only way your customer will remember and you’ll be able to move up that 30% is to tell them over and over and over again. And, then some more.

For successful “Tips” on building customer loyalty through marketing strategy visit www.northstar-m.com.

Building Customer Loyalty - Part 1 of 4

Your greatest customer opportunity may be right in your own database - your customers!

We often lose sight of those who already “love” and buy from us; all in hot pursuit of the next, new customer. But we all know that it costs much more to get a new customer than to increase our sales with a current customer.

So, coming up we’ll have three “tips” to help you examine your current efforts in building customer loyalty.