Dealer Principal - October 2007 - (Page 20)

YOUR GREATEST ASSET Joe Heller marketing method used, there’s always an investment required in establishing a customer, whether in terms of real dollars or human capital. Once you have a customer, any subsequent sale is made without the cost of locating that customer. The cost or finding a new customer is proportionally much higher than the cost of retaining an existing customer. KEYS TO SUCCESS The secret of capitalizing on your customer base is to continually feed them with new products and services you know they’ll want. This is no time to diversify into completely new areas. Everything that you make available to your customer list must be compatible with what made those people customers to begin with. Whatever subsequent products and services you offer must be related in some way. Think of your customers as belonging to a specific group. They’re gardeners or small business owners or health enthusiasts. Whatever you offer must fit that product niche. Your greatest asset is your own customer list. These people have already purchased something from you in the past. If you’ve delivered a satisfactory product, they are very likely to buy from you again. dealing with you. You’ve delivered what you said you would so a certain degree of trust has already been established. Your customers are probably quite confident that you wouldn’t sell them something that wasn’t in their best interest. The high road to increased profits always takes the route of established customers. There’s always an expense associated with finding a new customer. Regardless of the The easiest sale you’ll ever make is to an already established customer of yours. They already trust you. They feel comfortable in 0 www.dealerprincipalmagazine.com “ Be careful not to overdo it. You don’t want to annoy anyone, least of all your customers. Allow enough time and space between customer contacts. How much time you allow between mailings or calls depends on the nature of your business. “ http://www.dealerprincipalmagazine.com

Table of Contents Feed for the Digital Edition of Dealer Principal - October 2007

Contents Reality Check Cover Story: Car Tango Does Your Service Menu Pass the Mom Test? Your Greatest Asset Your Toll Free Number Could Be Turning Customers Away

Dealer Principal - October 2007

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