Business Building Corner

How to Retain Customers


According to Harvard Business School, increasing customer retention rates by 5 percent raises profits by 25 percent to as much as 95 percent! Given these numbers, it is clear that one of the most important things to do after successfully sponsoring a new Independent Business Owner or selling product to a new retail customer is to keep them engaged. Here are a few ways to keep your relationships fresh, interesting and long-term:

  1. Represent! Represent the company and role model the philosophy and mission. At LifePharm Global Network, that means showing your downline and customers what Life, Livelihood and Legacy is all about. Even if you’ve introduced the concept, a regular reminder is a friendly way to stay connected.

  2. Use endorsements. Since endorsements are the industry standard for proving the success of the products and the business opportunity, use them to your advantage. As new endorsements pop up within your downline or crossline, be sure to let everyone know about them! “Did you know” and “did you hear about” appeal to virtually everyone. Did you know LPGN has an Endorsement Library created specifically for you to make your work easier?
    https://shield.vwtm.com/news.dhtml?usepage=infoLPGNEndoresementsLibrary.html

  3. Make it personal. Every individual is different but the common denominator is that everyone likes to feel genuinely special and pampered. By tailoring your outreach to each member of your downline to specific likes, wants and needs, you will be appealing not just to intellect, but also to what they care about. And face it, network marketing is an emotion-filled business.

  4. Go above and beyond the call of duty. Serve your downline and customers without expectation, and you will be rewarded for your support with their loyalty.

  5. When you interact with retail customers, recognize them for any progress you see in their health, appearance or personal circumstances. Everyone thrives better under well-deserved praise. With your downline, always recognize achievement, verbally, pictorially or with a token gift.

  1. Communicate with your customers in the medium they prefer. If they like the phone, schedule calls with them. If they prefer email, write them. If local, make time for face time—many customers prefer to meet with you in person.

  2. Ask for help. In networking, the advantage is that you do not have to be a lone ranger. Ask your upline and downline for help in maintaining contact with as many as possible within the business organization. Keeping as many people in the loop as you can will ensure successful promotions or joint efforts in winning company incentives and contests.

  3. Be a mentor. Be aware of those in your downline who have the most potential to become successful business builders. On the other hand, keep an ear to the ground for customers who may become IBOs.

  4. Discover the "why" of your customers. Once you are clear why they are product users or why a member of your downline wants to build a business, you can assist them with their goals specifically rather than generally.

  5. Be a friend and adviser, as needed. Most of all, be available.