BNI Elevate is a networking community organized to help our members make more money through structured collaboration and referrals.
Recently, we learned that we are sitting on a gold mine here at Elevate, and that gold comes in the form of referrals.
But if you ask Elevate member and top Manhattan Jewelry Designer, Carol Offman, she’ll tell you that you can recycle gold and make more money.
And at Elevate we recycle gold by getting more business from our existing clients and at this challenging point in time this will be more critical than ever.
Here’s an example, recently a client called me and said that I should turn their website off because they couldn’t afford the monthly fee at this point in time, and I could have done that, but that would have done more damage to their already struggling business and without a marketing presence they may have never come back.
So I told them their monthly fee was waived until they were in a better position.
Why did I do this? Because I’m a nice guy? Maybe.
But the cost of marketing is high and client acquisition is one of the hardest things we have to do.
So instead of letting this client go and hoping they return in 6 months, I kept the account active even though I was providing the service at no charge.
And then when market conditions start to return to normal, they will resume paying on their account and I won’t have to fill the hole left by their attrition.
So think about how you can help your customers in the short term to keep your client retention high and I guarantee that you will make more money…in the future.