Let me begin with a reminder: The lifetime value of your clients isn't just the business they can do with you over a lifetime. It's also who they can introduce to you over a lifetime.
There are two parallel approaches to tapping into this lifetime value. First, you must continue to bring value to your clients. Second, you must create as many business friendships as possible. As you provide value and strengthen business friendships, you'll continue to generate referrals from clients.
Here are a few ideas for working on your business friendships. You've heard many of them before - but are you acting on any of them? It's important that you systematize your efforts in this area. Don't leave it to chance.
You don't have to do all of these things. Pick two or three that come naturally to you. This is where your staff can come in handy:
- Holiday cards (try Thanksgiving). Cards are intended to be personal correspondence. Make sure they look personal: use a real stamp, address the envelope by hand, write a short note, and sign the card.
- Birthday greetings (cards, calls, cakes). Calling your client on their birthday is a time-tested strategy. It works, yet so few people do it. With your top clients, deliver a cake in person. Get their assistant involved to make sure the logistics work.
- Vacation post cards. Every time you go on a vacation, take your client list and write post cards when you get a free minute or during your flight home. It's better to mail the cards from your vacation spot, but it's not necessary. Most people never look at the postmark - they go straight to your note.
- Monthly e-mail or fax. Why not take a hint from this e-mail newsletter and do the same with your clients? Make sure your monthly message has value. One great thing to feature is Case Studies. For instance, each month you can fax a case study of how you solved a problem for a client. (Change the client's name, of course.) As your clients read these case studies, they'll see the different types of problems you solve. This can lead to more business with them and more referrals to their friends and colleagues.
- Personal attention. Pay attention to your top clients' hobbies and sports interests. When you see an article that might interest them, clip it out and send it to them. If their favorite team (such as their kid's high-school soccer team) wins, send an e-mail or voice mail of congratulations.
- Personal notes. Write personal messages on statements, newsletters, and other papers you mail to your clients. This lets them know you're thinking about them and their situation.
Sometimes the best business you can do with a client and the best referrals you can get from them come later in the relationship. This will only happen, though, if you stay in touch with them in a way that provides value and builds the business friendship.