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How to Turn One-off Customers Into Long-term Clients

Business relationships are not that different from personal relationships because in both situations, people prefer to deal with someone they like.

However, you can’t move from being a stranger straight to being a best friend or customer.

So it’s important to put at least as much effort into your plans for keeping in touch with existing customers as you do for attracting new ones.

One of the main advantages of developing long-term relationships is that it’s typically six times more costly to sell to someone new than to an existing customer.

But, of course, it’s one thing to know the value of building long-term relationships and another to follow the steps required in order to do so.

Here are seven steps to turning one-off customers into valuable client relationships.

1. Concentrate on getting the second sale

Ultimately, people are only customers if they buy from you regularly. And many people will buy from you once and never again. So, to turn someone into a genuine client, the most important thing is getting the second sale from a new customer — and getting it as soon as possible. Following the second sale, you are more likely to keep them as a long-term customer.

2. Always act in their best interests

According to Kevin Hogan’s book ‘Psychology of Persuasion’, people are more likely to do what you ask if they believe you have their best interests in mind. This is the ‘Law of Friends’. So, to build a business relationship, you need to show clients that you are looking after their interests. You can normally only do that over a few weeks or years, in the same way as in a personal relationship. One step is to stop worrying about getting clients to like you and focus on looking after them. As ‘Built to Last’ author Jim Collins says: «Don’t be interesting. Be interested.» That helps you think of them as individuals.

3. Keep in touch regularly

You can build trust through a regular newsletter which gives valuable information — rather than simply promoting your services. You can also build regular contact through articles, podcasts and teleseminars.

4. Make your contact personal

To make your contact with customers personal, you need to learn about them. You can start by just listening to them — for example by posting a survey on your website or sending out a customer questionnaire. The more you know about their likes and dislikes, the more personal you can make your services — for example sending them clippings you know will interest them or recognizing their personal achievements and family events.

5. Recognize that satisfaction is not enough

People will not stay with you and build a long-term relationship because they are satisfied. They expect that. You need to deliver exceptional service — some describe it as ‘customer bliss’. You need to go beyond what they expect — give them even more; care about them more than they are used to being cared about.

6. Ask your customers to help you

Once you have built a good relationship, you’ll often get help from your customers. For example, they’ll give you feedback on what needs improved or they’ll provide referrals and testimonials to use promoting your services. And, not only that, the laws of psychology mean they are more likely to buy from you again after they have helped you in some way.

7. Focus on your most profitable customers

Typically you will find that 80% of your profits come from 20% of your customers. So you need to understand which 20% are most profitable by looking at the Lifetime Customer Value, which is the total amount somebody would spend with you over their time with you as a customer.

Building long-term relationships is no easier in business than in your personal life. But it can be extremely rewarding.

Learning More about Ring Gages

What are Thread Ring Gages?

A thread ring gage is a gage that is used to measure threads on an outside diameter to ensure that the threads are within the designed tolerance limits. Most thread ring gages are root relieved for adjustability. This adjustment helps you to measure a variety of sizes of threads with accuracy every time while providing longer life for the gage. NOGO thread ring gages are identified by a groove around the outside diameter. For unthreaded parts you would use a plain ring gage or cylindrical ring gage.  Even a slight variance from the design tolerances can cause big problems later on so it is vital to use the right gages and a thread setting plug to maintain accurate thread measurements each and every time.

Thread ring gages are available in steel, chrome or carbide based on your needs and personal preferences. A plain ring gage or cylindrical ring gage is used for checking the external diameter of a cylindrical object. Ring gages are made to variety of tolerance grades in metric and English dimensions for master, setting or working applications. There are three main types of ring gages: go, no go, and master or setting ring gages. Plain ring gages are also manufactured in steel, chrome or carbide.

What does a Thread Ring Gage Do?

The whole point of a thread ring is to guarantee the precision of the outside diameter of your various parts.  The thread ring gage is the device that is used to screw around any threaded parts and test their size down to extremely specific tolerances.  Minute errors in tolerances can cause parts to fail whether they are too large or too small.  Just by merely screwing the correct type of thread ring you can find out whether the part is the right size.  You can also tell whether the threads on the part are within designed tolerance limits to ensure the precision of all your parts.  A plain ring gage will measure the outside diameter of a non-threaded part in a similar fashion.

Using a thread ring gage is a vital part of quality assurance and many problems may be avoided through the proper use of thread ring gages.  The thread ring testing process takes only a few seconds. It verifies that every part and every thread is made in compliance to NIST and all industry standards.

How A Joint Venture Mentor Can Help You Create Your Own Successful JV

You have considered the idea of forming up a joint venture. Perhaps it’s to get help with manufacturing or technology that you don’t have. Or maybe it’s to help build a business and customer network. Or perhaps it’s for the good old-fashioned reason of making great profit. However, you’re afraid to take that first step into the unknown realm of joint ventures. You’ll be glad to know there is help available to JV newcomers in the form of mentors!

What is a JV Mentor?

A JV mentor is simply a coach, an individual who has experienced all the rewards and challenges. They are wise individuals who can offer great advice from their experience. They can help you find the right JV partner and form the strategies needed to make a JV a success on the first try.

Do JV mentors and coaches cost money? Most of them do, yes. But the money invested in a good mentor to learn how to avoid costly mistakes is money well spent. Here are some ways a JV mentor can help you:

— CD & DVD Coaching: Many successful individuals who have made money through JVs have put together a training program via CD or even DVD video. Rather than work one-on-one with fewer people, their recorded training products offer advice to numerous entrepreneurs who want to improve their business through JVs. A recorded training system can offer helpful tips, great advice, and step-by-step guides to making your own successful JV.

However, be on the lookout for JV programs that are all fluff and no content. Conduct the research on your potential JV mentor first. If an offer sounds too good to be true, it most likely is. Make sure you are buying a product from a trustworthy and experienced individual before you plunk down hundreds of dollars for useless CDs.

— One-on-One Training: Oftentimes a successful individual who has made their mark in the joint venture world will offer their services one-on-one to help mentor newcomers. These are organized individuals who may have formed a streamlined process for making a successful JV and want to share their knowledge and wisdom.

One-on-one mentors don’t usually offer full access to individuals. To do so would be extremely expensive. Rather, you could join in with a limited size group that meets for a few hours each week online or via phone to ask questions to the mentor. These group sessions can be very helpful and cost efficient since you don’t have to pay for all the mentor’s time yourself.

— Government Assisted Mentoring: If you are an economically and social disadvantage individual who owns and controls a business, you may qualify for mentorship through the Business Development Program through the Small Business Administration. Mentors are chosen carefully to help disadvantaged business owners compete in American economy, as well as the federal government contract market. Prot?g?s can form JVs with mentors who can help with financial or technical assistance, offer small loans, and give management advice. Check with the SBA website for more information.

Joint Ventures can be a great way to improve your business and your profits, but the unknown aspects of a JV are often difficult obstacles to overcome. Get help through a mentor if you have questions and get your JV started with confidence.