In the early 1900s, Reverend Russell Conwell - founder of Temple University - gave a speech called "Acres of Diamonds" more than 6,000 times. In it, he said:

 

"Your diamonds are not in far distant mountains or in yonder seas. They are in your own backyard if you but dig for them."

 

Whether you are a business owner, marketing professional, entrepreneur, or fundraiser, it is crucial to remember your backyard diamonds are your past and present satisfied customers. Too often we focus our efforts on front-end sales. Once the sale is over, many people focus on getting the next new customer. BIG MISTAKE!

 

Your real diamond mine is in the continuing stream of sales that can be realized over the lifetime of your existing and past customers. Plus, it costs much more to acquire a new customer than maintaining a relationship. When you ignore customers you've already served, it's like throwing money away.  

 

Once you've done business with a person, they know, like, and trust you. If you have met - or exceeded their expectations - it's very likely that your customer is willing to buy from you a second time...and a third...and a fourth...and so on. 

 

Here are some tips for you to effectively mind your "acre of diamonds:" 

1. Get Customer Contact Info: If you aren't collecting customer data, start yesterday! Maintain a centralized database to organize names, addresses, and phone numbers. Keep track of purchase histories and interests.
 
2. Opportunities to Collect Information: Depending on what type of business you are in, there are a variety of ways you can collect this information including a sign-up sheet at your office, a website form, self-addressed, stamped postcards, and so on. Be creative - use free offers, VIP programs, and contests to provide incentives.
3. Regularly Communicate: No matter what business you are in, find methods to stay in regular communication with your customers. You can send a newsletter, ezine, or direct mail (holiday cards, coupons, special offers). For some businesses, it may work to take a client out to lunch or send a hand-written note. And, don't forget the telephone!
4. Remind 'Em That You're Great: In your communication, you can provide helpful information, case studies, testimonials, special events, and so on to keep your business on the top of your customers' minds and to remind them of how you can help them. 
5. Ask Your Customers for Testimonials: For word-of-mouth, there is no one that can sing your praises like a satisfied customer! Ask your customers for referrals. And, ask them for their testimonials. Nothing speaks louder to a potential customer that a peer. Post testimonials on your website or feature them in your newsletter. 
 
Remember, if you don't think to ask, they may not think to offer. 
 
6. Cross-sell and Up-sell: Make sure your customers know of the entire range of the products/services you offer. Once your customer is in your sales funnel, they are much more likely to buy larger-ticket items from you. Based on their past buying habits, offer them the deluxe model, more options, or premium services. 
 
As you start to work your backyard diamond mine, I can't emphasize this enough - take good care of it. Appreciate your loyal customers by offering them special deals and incentives. You need customers more than they need your business. Keep in contact with your customers and keep them delighted. In return, they will continue to give you their business. And, what's not to like about that?    

Hugs and success,
Wendy Maynard