Business Building Corner

Sellers often fail to communicate to prospective customers the variety of economic, technical, or scientific service and social benefits they provide. Many sellers assume that buyers grasp the value of their products and services. In reality, business studies show that buyers don’t keep track of all the products and services they get, and that they may not be aware of the value or benefits from their purchases.

Another pitfall of sellers is the failure to cultivate individual relationships with each customer. This is a common mistake, because the seller may assume that once the buyers make their first purchases, the value or benefits of the purchases will naturally bring them back. In reality, a personal relationship is the basis for customer loyalty. Without that relationship, you may have a repeat customer until he/she finds a competitive product for what might be perceived as a better buy in terms of price or benefit.

In essence, the customer-to-seller relationship is based on superior customer service. Often, it's the only thing that sets you apart from the competition. There will always be competitive products, services and opportunities, but there is only one you: your authenticity, sincerity, passion, personality and willingness to serve. Each individual is unique and it is this singular quality that either draws or repels customers to you.

In addition to your uniqueness and excellent customer service, the benefits you can “sell” to customers to keep them loyal revolve around the products and the opportunity. There are different types of benefits:

• Tangible financial benefits are a value that sellers can communicate and buyers can verify. This can be in the form of savings and/or earnings. When LifePharm presents a limited time promotion, for example, the Power of 3 Packs, LifePharm IBOs can sell the measurable savings on product but also the ability to enroll new people.

• Nontangible financial benefits are a value that sellers can convey, but buyers cannot easily verify. This can be in the form of estimated savings and/or earnings. When a LifePharm IBO sponsors a new IBO, the tangible financial benefit is the ability to buy at wholesale prices. The nontangible financial benefit is the ability to sell products and earn commission. Once a commission is earned, this nontangible financial benefit becomes a tangible one.
• Nontangible nonfinancial benefits have a value that neither seller nor buyer can measure in monetary ways. These are benefits that must be experienced to be appreciated but the very fact that they are not measurable, in some ways, makes them key to retaining customers. In other words, when a LifePharm customer experiences improved health in the form of efficient digestion, better sleep patterns, less stress, improved energy levels or even not catching a cold during cold and flu season, these are nontangible nonfinancial benefits. And this type of benefit is huge in helping to retain customer loyalty.

Another type of nontangible nonfinancial benefit that LifePharm IBOs can “sell” (which is another word for “share”) is the concept of the extended family. Everyone wants to love and be loved or at least to be a part of something bigger than themselves. That’s the whole idea behind joining a club and being with likeminded people, whether it’s a gym or a tennis club, a poker society or quilting circle: people are generally gregarious. Being part of LifePharm automatically makes you part of a gigantic extended worldwide family.

As LifePharm IBOs, always remember that to retain loyal customers, you must conscientiously remind prospects, customers and downline about the tangible and nontangible benefits they receive from being connected to LifePharm.