It can often be remarkable just how strong a longstanding associate relationship can be.
Many companies that facilitate the sale of interim human resources rely heavily, at least at first, on a relatively modest-sized pool of reliable associate talent. Myfm isn’t really an exception to the rule. Whilst we are confident that our associate pool is regularly replenished to provide the depth of experience and expertise that our clients require, we do often find ourselves consistently returning to a very familiar list of names. They know us, we know them, the client knows them, and all parties involved have developed a relationship of mutual trust and understanding over several years.
One of the first things you learn in marketing is that there are essentially two ways to drive growth.
1. Give loyal customers an incentive to keep using your service or product.
2. Try to penetrate new markets to reach new customers.
A lot of companies make the mistake of jumping into the deep end with the second option without first considering how much they can gain from really paying close attention to the first. In 2011, American Express released a customer survey report that indicated 3 out of every 5 customers would be happy to ditch a formerly favourite brand in order to gain a better service experience. Another report, published the same year, stated that 9 out of 10 Americans are willing to spend considerably more for a service they believe is of a higher quality.
In such a marketplace it can be easy to think that keeping customers onside will constantly be an uphill struggle. But focussing on your core product and making sure its provision is reliable, dependable and cost-efficient ensures that the same clientele will keep returning again and again.
For interim management companies, where our people are the marque product, this usually means building continuous contact and trust between ourselves and the associates we know to be amongst the best in the business at what they do, so when a client makes a purchase order, we are already at the races and ready to deliver.
Expanding your range of services and reaching new gaps in the market is always a useful pursuit. But when your business is dealing with people at both ends, it’s crucial to not get distracted and keep your core competencies running smoothly. It’s the foundation of the business, the part that quite simply, must deliver.