If you're a business owner, you know what your most important resources are. You would assign these resources to a priority scale that might look something like this:
Number 1: staff
Number 2: customers
Number 3: tangible and intangible assets
Number 4: good distribution channel
Number 5: excellent sales force
Some business owners tend to give the highest priority to their sales force. That's fine because we know that if you don't have a group of people who can sell your product or service, you're chopped liver. Other owners will put the highest premium on their customers because, we can argue again, without customers who will buy the products and services, there won't be any business to speak of.
As your company grows, customers do take center stage and our efforts as entrepreneurs must focus on them: what they like or dislike about our product, what they think could make our product better or improve our service, and whether or not they will remain loyal.
Customer retention is an ongoing concern for both growing and established companies. It does not matter whether you're a five-man office with about $70,000 a year in sales or a conglomerate with billions of annual revenues ? the crux of the matter is, your customers are your bread and butter. Sometimes, they can be your savior as well.
Keeping Customers Happy
A good business practice is to integrate business gifts into the company's annual budget. Sure it's an expense that can probably be dispensed with when the cycle of the market is pointing downwards, but let's face it. People like freebies. Why would they have to pay for something when they can always get it free? Customers reward companies when companies reward them. That's an idea we should all accept if we want to become true entrepreneurs.
Business gifts don't have to be extravagant. If you're a small or medium-sized business, these gifts can take the form of ?tokens of appreciation.? Examples are mugs, key chains, umbrellas, lighters, a portable document carry-all and a gamut of other promotional items. Thanks to the plethora of products out there, you can stretch your imagination and come up with great business gift ideas.
Excess Gifts? Surprise Your Staff!
Earlier, we mentioned that one of the most valuable resources a company has are its workers. If we show our appreciation to our customers, there's no reason we couldn't the same for our staff. It shows that you have not overlooked their hard work and initiative and that you are grateful. In this era where the work ethic has eroded somewhat, good workers are like a rare jewel.
All the more reason we can surprise our staff with business gifts! Just think ? those extra mugs you store in the warehouse would be put to better use if you distributed them to your staff. Or, if it's not the mugs, you can give them free bags of gourmet coffee. Better yet, give them both mug and coffee.
The ink in last year's promotional pens would also be put to better use if they were left on the desks of your staff so when they come in the next morning, they've got another pen they can use. Sheer fun!