Wednesday, April 21, 2010

The Secret Asset In Any Business

Business owners often work hard and try to think of everything in their business. Yet this element which can eventually become the biggest asset in the business... is overlooked completely.

What is it? It's your client or customer base.

Corporations are getting amazingly good at collating information on customers now using bar codes on coupons and the like. Some might consider this "too much" information. For the small business owner though, while this level of data collection is less available, there is a lot more information available - and known to merchants - than ever get collected, stored and analyzed.

This information, on both a Prospect database, as well as a Customer Database that is set up for marketing purposes (and no, your customer list for invoicing won't do!), can be the key to retaining business, gaining new customers and growing referrals from customers and your networking partners. In fact, your networking partners can have their own database! This attention to detail can form part of what makes your business stand out as different.
This is crucial to take in hand and get right, since it will have a direct effect on the profit potential of the business and the price the business may sell for at some time in the future. It will also have a big impact on making the next buyer WANT to buy the business.

And don't forget, there is nothing more stress-relieving than happy long term customers, buying more and bringing their friends with them!

What can you do to get started?

Here are four things to get you started.

Create a system to capture information you have on prospects.
Improve your data collection process for customers.
Implement a customer 'touch' program.

Have more ideas? Let's see them!

PS Yes, love to work with clients on issues like these!- Lindy

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