Relationship Marketing: A Key To Retaining Customers

Many businesses today still practice the traditional approach of transactional marketing, wherein a focus is made on increasing the amount of customer acquisition and individual sales. But in a world that is fast becoming more connected, emphasizing long-term customer engagement is a far better strategy than merely relying on short-term goals.

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The value of relationship marketing then should not be underestimated. It is the creation of strategies that target customer satisfaction and retention, both of which are attained thanks to the following results of relationship marketing:

  • Decreased likelihood of customers switching to competitors: Customers who are not thoroughly satisfied with a business’s products and services are more likely to shop around. But a more beneficial relationship with the company encourages customers to become less price-sensitive, and instead key in on the value the company offers.
  • Free word of mouth promotions and referrals: Harvard Business Review introduced the concept of net promoter score in 2003. It describes how customers view the company’s performance and the likelihood of them referring the company to their friends. Strong relationships with clients are important in raising the net promoter score.
  • Minimized cost of acquisition: Because new customers are being brought in by satisfied clients, the costs of advertisements and marketing campaigns can be significantly reduced.
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Jeff Lupient has spent most of his professional career in the automotive dealership industry, where he was able to hone many of his skills, including business development and sales. More articles on these subjects can be read on this blog.

Handling An Irate Customer

There is a reality in sales and customer management, which a lot of business professionals dread but prepare for anyway. They are right to do so because somewhere along the line, there will always come an irate customer.

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The state of an angry customer is already a bad one, and often, the ability to ensure that things do not get any worse than they already are is, by itself, a measure of success.

The first thing to note is that an irate customer is in a highly emotional state. Whether or not the fault is on the customer side, the business side, or somewhere in between, the key to ensuring that the situation does not get worse is to be accepting of the things that come out as a result of emotions that are running high.

The customer is irate because he did not get what he wants. In the mind of the customer, some injustice has been committed to him. The best chance of bringing down the heat is to assure the customer that things are currently at work to address the problem.

Obviously, you also have to ensure that they really are. Lying to the customer just for him to be pleased or pacified has backfired many times in the past.

Be exceedingly patient and calm. Never raise your voice, as this will only heat things up more.

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Finally, even if the problem has yet to be addressed, make the customer feel that you genuinely care about his welfare. Be empathetic and respectful at all times.

This is by far the best chance to pacify customers, and hopefully, you can keep them too.

Thanks to his experience in various positions in sales, Jeff Lupient has evolved into an authority in his field. Now he handles a reputable company in automotive sales, the Lupient Automotive Group. To know more about his business, visit this LinkedIn profile.

How to Identify a Solid Sales Lead

Sales is essentially a numbers game. In the ideal situation, if the salesman can find a way to know whether or not a deal with a client is closable early on, he can shift all of his focus to the numbers, so that he could sell more. Here are a few ways to identify a solid sales lead:

The most promising prospects are clients who approach sales professionals directly to inquire. From there, you must be armed with all the information you have about your product, in order to turn the natural interest of a client into a commitment.

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A client who does not proactively inquire is not a solid lead. But when you do get to sit down with the client who then listens to your presentation, you would have gained some traction. If the client asks more questions, this is a sign of genuine interest. Now you have a solid lead.

Another solid lead is a client who is looking to replace an existing product with a new alternative, which you are offering. Clearly, this client already knows the value of the product. This is the most significant expression of a need.

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Keep in mind that you must always aim to close the deal with your client on the first meeting, if this is doable. If not, the solid sales lead is worth a follow up not more than a day later. Follow these simple ways to identify solid leads, and you will have your time well spent.

Jeff Lupient worked every position and every job in the automotive retail business, honing his knowledge and skills in automotive sales. To find out more about the sales industry, visit this blog.

Establishing a Legacy: The Advantages Of a Family Business In Fostering Sustainability

According to the University of Vermont’s School of Business Administration, as of 2013, around six million family-owned businesses contribute to as much as 57 percent of the country’s GDP. They employ 67 percent of America’s workforce and have created about 8- percent of all new jobs.

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Through the years, family businesses have been successful by employing the concept of stewardship. Cognizant of the legacy they will leave to the future generation, they have a natural inclination toward long-term gains, rather than short-term ones.

Other than this, the family business model has other distinct advantages.

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One such edge is the shorter chain of command. In making critical decisions, the family owner’s commitment beyond profitability allows it to become and remain successful. This commitment to seeing the business get off the ground and prosper has made these family companies resilient, no matter how slow the business and tight the finances.

Family businesses also generally tend to take better care of their employees, seeing them as extended family members. Studies have shown that this type of firms practice register less layoffs and employ more productive workers. Such employee treatment is also seen as key to high-quality products and services.

Lupient Automotive Group president and CEO Jeff Lupient has been committed to the growth and success of the family business since he was 15 years old, when he started working in his family’s dealership chain. To read more about his profession, visit this website.

The Advantages Of Learning Business At a Young Age

Image source: robbasso.com
Image source: robbasso.com

Many have argued that learning to do business at a relatively young age only takes away one’s freedom to enjoy what could otherwise be a happy moment in one’s life. However, learning how to do business in your teens need not be cause to remove you from having your share of fun. It might even allow you to have fun in more ways than you already know.

Starting a business as early as your teens allows you to make mistakes that you would very unlikely repeat as you grow older. Many fresh graduates who get their baptism of fire at work tend to make rookie mistakes that are quite simple. Short-cutting the learning curve gives you a good advantage in the work setting. Forming fundamental business schemas allows you to focus more on your tasks rather than the development of necessary skills.

Starting early and dealing with real world consequences forms a mature attitude. The value of responsibility, when nurtured at a young age, speeds up the formation of leadership qualities. Soon enough, you’ll be the boss of your contemporaries.

A few lucky individuals have become business tycoons because of things they started as they were yet flexing their muscles. This is no surprise as youth happens to be a time for fresh ideas and new enterprises.

Image source: mycomeup.com
Image source: mycomeup.com

There is hardly anything to fear about being a young entrepreneur. Even when you deal with the most extreme consequences of starting out your business skills early, you will surely have ample time to get back on your feet and come out stronger.

Jeff Lupient, the current president and CEO of Lupient Automotive Group, started working in his family’s chain of automotive dealerships when he was 15 years old. Taking on every job in the automotive retail business, helped in honing his skills and knowledge of the industry and eventually making him one of the most recognized executives in his field. Follow this Twitter account for more business news and articles.