I am often asked, “how do you retain loyal clients?” While this seems a simple question, it isn’t!
The immediate, traditional responses that comes to mind include showcasing your expertise, and provide quality products, and superior customer service. However, an often overlooked factor impacting customer loyalty is the “value-add”.
What is value-add?
Value-add is often difficult to define because it’s how customers perceive themselves in direct correlation to your contributions. In other words, it is determined by THEIR needs and perceptions, and how much they “value” your relationship and utilize the resources you bring to the relationship.
The Intangibles
These resources are not necessarily your basic or core services; but the intangibles that are difficult and often impossible to measure — the individual “hidden jewels” you offer. Examples of these contributions include:
* your impact on saving time or money
* how the relationship contributes prestige and increased sphere of influence
* understanding “the big picture”, and offering insightful contributions
* ability to create customized solutions to cater to varying needs of different customers
* improved quality control and systems implementation
* input in developing new and advanced products/services
* access to network of service providers and noncompeting business owners
Loyalty Assessment
It is very important that clients recognize and acknowledge the intangible assets you bring to the relationship. When they complete this process and have assessed a high value, they transition into advocates. Eventually, these clients become stakeholders that recommend your services to friends and other business owners. When this occurs, you have developed a loyal client — one that should stay with you for a long time.
It is often difficult to recognize your intangible value-adds. Have you thought about and identified those you bring to a business relationship? If so, please share a few with our readers.
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Message from Christian Mickelsen, CEO, Small Biz U
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