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Make your business a magnet for good customers

If you are considering a business loan to grow your enterprise, make sure you have a plan to attract the right customers and avoid the bad ones.

Who is your dream customer? Here are a few likely characteristics: they pay you on time, they explain their needs clearly and give you reasonable time to meet them; they focus on results rather than process. Most of all, they value and respect your expertise and keep coming back for more.

What about the customers you don't want? We've all known people whose custom we would rather do without: they are rude, suspicious and penny pinching; they want to haggle and call every ten minutes to check on progress; they don't seem to have any real vision or faith in where their business is going.

So, how can you make your business into a magnet that attracts good customers and shakes off the bad ones? It starts with your brand. If you communicate your key values through your brand, they will chime with quality customers and see off the problem clients who just want to scrape a cheap deal out of you.

Treating your valued clients well will get you more of the same type of clients.
Make them feel listened to, with personal, attentive service and regular opportunities for feedback. Customers who feel valued tell other people, and before long you could build up a customer base built on referrals and word of mouth. You can't do this if you are still slogging away at trying to keep the high-maintenance, low-paying problem customers happy.

Setting your prices a little higher is a great way to attract the right kind of clients. Charging a substantial fee communicates to the client that your service or goods are of value and that they need to focus on making the right purchasing decisions too. Psychologically, we're likely to perceive a service as better the more it costs, rightly or wrongly. If you're not willing to charge more, consider a longer contract or retainer to filter out unreliable customers.

Finally, focus on your results, not how much you cost. If you truly deliver the best solution for a client, carefully tailored to their needs, it will help them achieve their business objectives and you will develop loyalty and trust. You need to be looking forward at the great things you can achieve together, not backward at the pounds and pennies on your bill.

Wesleyan Bank has a range of small business finance options that can help you develop and flourish. Why not contact us to discuss your needs?

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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