The Thank-You Card Theory
Entrepreneur's New Year’s Guide
I have a theory and it is one that I have tested over and over in various businesses. It is a strategy that has made thousands of companies earn a lot of money, and yet I am amazed that so few people use it.
Think about the following: What is the number one prospect, the one who will most likely buy from you tomorrow and next week? Right, the one who has already bought you something before.
This is where my theory comes into play.
Most of the sales, and therefore the profits of any business, come from repetitive transactions, purchases made by the same customer over time. Without these repetitive transactions a company would struggle to grow and make a profit forever.
And yet, various reports have shown that most companies spend six to seven times more to get new customers than they do to keep past and current customers loyal and come back to buy again.
So back to my theory.
A business that doesn't send thank you cards to its customers leaves a lot of money on the table. It's not just the thank you card, what happens is that by sending it you show me how you do business.
Look at it this way, when was the last time you received a thank you card from a business you've worked with in the past? If I'm correct, it was a long time ago if you ever received it.
Large and small companies spend a small fortune making you come in and buy, but when they have you right where they want you, they let you go ...
Many brands don't even do the basic things right.
Let's take a rough look at how you could get the basics right and get better results with my 6 steps to getting your customers to buy from you again and again.
1. Get your data
And I don't just mean your name and phone number. You have to learn as much as you can about them. Their preferences, birthdays, and anything else that can help make them a regular active customer. One thing you have to make sure of is having a great database system.
However, it wouldn't make sense to get your data if you don't do the following five steps.
2. Send a thank you card (PHYSICAL), invite them to come back and write it by hand
Even if it's something as simple as a postcard. It is crazy how simple and cheap it is, even so, there are very few who do it, You can also include some business cards that they can give to their friends.
The temptation to send this card by email or WhatsApp is high, but it is preferable to send the card physically, even through traditional mail, for two reasons:
- When was the last time you received a postcard or letter in the mail? Probably more than a decade ago. Imagine how surprising it would be for you to receive a handwritten postcard that said:
Dear Victor Salgado, we are extremely grateful for having purchased our Hamilton Beach 3627 coffee maker, we hope it is being useful to you. Do not forget to inform us about any questions or problems you may have on the phone 81 8262 8250, do not hesitate to visit us at www.blahblahblah.com
- The second reason is that, if you do it electronically, only 5% of the people you send it to will read you. The rest won't even notice that you sent them something.
3. Plan future purchases
What if you sat down and I called each of your clients and they discussed their future needs? Just think how easy it would be for your fire extinguisher supplier that you need to replenish them before they run out.
4. Notify them of everything you offer
Have you ever been told by a customer "Oh, I didn't know you were selling this too"
You want each customer to know everything they can buy from you. Just think about how many people have their insurance with many different companies, when was the last time your insurer called you and asked if they could offer you a quote for all the policies that you do not currently have with them.
5. Write a monthly or at least quarterly newsletter
This allows you to keep in touch with them, or at least they feel that you do not have them abandoned and they will be able to have you in mind much more than you imagine. This is an excellent strategy.
6. Special offers
If your customers are not receiving offers, loading a distinguished customer card, or feeling important to be your customers in some way, then they are not getting as much from you and therefore neither are you from them. Think of your favorite restaurant. Could they send you the special menu for the week every Monday?
I'm sure you can think of more than a dozen different ways to keep your customers coming back. However, it's not about the ideas, it's about the actions. It's about putting any or all of these ideas into action in your business NOW. If you don't do anything else, at least send some or everyone a thank you card