“What’s this worth?” It’s the question at the heart of Antiques Roadshow. No matter how junky or strange the item, no matter how useless it appears, everyone’s hoping they’ve scored a prize worthy of a giant price tag or a spot in the Smithsonian. The real value of anything is in the mind of the buyer or customer. A visit to eBay tells you the same thing. A buyer recently bought a vintage needlepoint design first manufactured in the 1970s. She’d stitched one for a friend while in college but always regretted not making one to keep. The original price on “Siamese Cat in Wicker Chair” was about $8, but she happily bid four times that amount as soon as she spotted it online. “I had to have it,” she explained. “It’s as lovely as I remembered and brought back the happiness I felt when I first saw it years ago.”

If value is intangible, especially in business, the memory of value is even more elusive, but is the key to success. A returning customer recalls that he’s been treated well and values the ease of today’s transaction. In a crazy-busy world, the value of that reassurance beats any treasure on Antiques Roadshow. How do your customers rate their repeat experiences with your business?

Bright red envelopes and heart-shaped cards, cupcakes with pink frosting and “conversation hearts”-BE MINE! U’RE SWEET—remember Valentine’s Day in those grade school days? Getting lots funny or sentimental greetings from the big paper-covered box adorned with cupids was the most fun a winter’s day could bring.  And sometimes, giving, as in a lace-trimmed, handmade card for Mom, was just as cool.

We may have outgrown the teacher handing out cards and pridefully counting up how many we got, but come February 14, the Valentine’s Day spirit is still in play. This year, how will you remind customers to be your Valentine?

• Send a special email greeting with Valentine’s Day wishes, perhaps including a coupon or voucher to use later.
• Got a storefront or other display opportunity? Make the most of it, with hearts, flowers and an invitation to customers to stop by for a Valentine’s Day treat, hot cider, cookies or chocolates from a satiny heart-shaped box.
• Go old-fashioned and make the Post Office proud: Snail-mail vintage-look Valentine cards to customers, pledging traditional service with contemporary attention to detail.

Connecting with customers any day is good business. But on the day when hearts are open to happy reminders of childhood friendships sealed with a simple, comical card, your thoughtfulness will make the connection, and the customer service, a heartfelt one.

What kinds of things can you do in your business on Valentine’s Day to let your customers know you care?

As a consumer, do you ever remember a time when you had so many choices? There are options for everything! Think about how many grocery stores are within a 10 mile radius of your home. How many drug stores or pharmacies are nearby? Is there a bank or credit union on every corner? Advertising messages are coming at us from every angle and the “noise” in the marketplace is deafening.

Now go from the macroscopic view of the marketplace to the microscopic view of the brands we have to choose from. The last time I needed to buy laundry detergent, there had to be dozens of choices for me, as a consumer, to consider. Laundry detergent isn’t the only product that sends the consumer into analysis paralysis! Seems every product and service on the market has its share of competition – and lots of it!

The point of this line of questioning is to get you to stop and think – as a consumer- about what it is that makes you loyal to a business or brand.  What do they do that keeps you coming back for more? For most of you, the answer will be service since little else differentiates businesses in today’s marketplace.  The businesses and brands that strive to keep the customer at the center of their focus will be the ones capturing the lion’s share of the business out there. Providing a service oriented approach – in other words, constantly asking yourself – “Is there anything more I can be doing to make my customers’ lives better (easier, simpler, etc.)?” – will create an environment of doing business with your customers that will make them eager to engage in their next transaction with you.

As a business leader, take the lessons you learn from each of the companies you patronize and the brands that have captured your loyalty and begin to transfer their customer retention strategies to your business. Keep in mind that it’s important to have a solid customer service plan in place that is clearly communicated to each member of your company and don’t forget to mystery shop several times a year to ensure that your plan is being followed. Your customers will be sure to let you know if you are on the right track when it comes to getting their repeat business!

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To help our readers fine tune their customer retention strategies, we are dedicating this month’s posts to gaining a better understanding of the four generations that make up today’s marketplace. This week, we take a look at the Baby Boom generation, also known as the “Me Generation”. This is a consumer group born between 1946 and 1964. They are anywhere from 45 to 63 years of age and are a generation that is all about “rights” – mine, yours, women’s rights, civil rights, reproductive rights, and the rights of Mother Earth. It’s no wonder that Baby Boomer Al Gore is as concerned about our planet as he is. The single biggest influence on this group was the television, but bell bottoms, mood rings, Apollo rockets, and the peace sign also rocked this generation.

Key words used to describe this generation are competitive and optimistic. They are an optimistic generation because they know that achieving the seemingly impossible can happen. This generation accepted and achieved the challenge to put a man on the moon. They are a competitive generation because there are so darn many of them – 80 million who wield $1.6 trillion dollars of buying power.

Knowing what excites your customers and motivates them to buy should be an important factor in your marketing plan and customer retention strategy. Analyze your customer base and be clear with your marketing messages. The implications are far-reaching and could result in better customer retention rates for your organization.

To schedule a “Generations In the Workplace” seminar contact us at angela@marketviewpoint.com.

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• Market Viewpoint …helping you see your business through your customers’ eyes.
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