Make Deposits With Your Customers

By Dave Robertson, Lake Minnetonka City Lifestyle

I had recently let my beard grow out after not having one for quite a while, and I was astonished to see that, unlike the last time I had a beard, most of it had turned gray. That might be a sign of wisdom or senility. Maybe that’s the reason why Angela Broockerd thought it might be worthwhile for me to share a little insight from my 30 years of business experience. Or it might have been the wisdom my dad shared with me many years ago that Angela and I chatted about on the phone.

For most of my career, I have been on my own, and I bought and sold a couple of businesses. In my previous production and media companies, I benefited from a lot of very long client relationships that sustained me and allowed me to grow with them. One such client was actually with me for 28 years. The sentiment I shared with Angela that day on the phone was probably the single most important philosophy that I’ve applied in my business life and, quite honestly, my personal life. It is something my dad, who had quite the business career himself, shared with me when I was just graduating college. Angela asked me to share it with you.

Dad told me that in all things in business and in life, the philosophy he lived by was what he referred to as — always look at everything as a bank account. He told me that it was important in every relationship that I had, every client, every customer, every person that worked with me, my future wife, my kids, and in all my relationships that I should treat them like a bank account. He said it was incumbent upon me to regularly make deposits in the personal bank account I had with each and every person. Some deposits could be little, some could be big, but they always had to be made regularly. He told me that’s how you strengthen bonds and build trust over time. He also said it was important to do this in every case because inevitably, at some point, there’s going to be a withdrawal because of a mistake I made or something not good would happen out of my control. It was important to build up the bank account balance in such a way that it could withstand a withdrawal down the line, and you would still have a positive bank balance with that person. I’ve applied this simple philosophy in my work life, and it seems to really work. Anyway, I know I did a pretty good job making deposits with that client who stayed with me for 28 years, so I hope you take it to heart.

If you think about all your relationships, it’s important to make those little deposits. Many in City Lifestyle refer to it as customer love, but I think we need to go beyond that. Some publishers make very grand gestures, giving gifts to their clients, entertaining them, taking them to dinner, and, of course, supporting them in their magazines much more than just the ad space that the client pays for. All of that is fantastic! However, I’ve found in the time that I’ve been working that the little things matter as much or more, and we don’t want to forget those things. They are just as important and probably easier to do regularly. I thought I’d make a list of all the different ways you can make deposits in the bank account of your important business relationships. Some of these things could apply to your personal relationships as well.

When it comes to deposits you can put in each of your customer’s bank accounts, they generally fall into two areas: Value-added benefits we offer through the magazine, often referred to as customer love. And everything else that has more to do with growing your relationship and making it last.

Value-Added Magazine Deposits

Write a story about them in print and certainly online
Give them an upgrade to their ad
Feature them in business monthly
Create a social post for them and send it out on your social platforms
Take a social post that they’ve posted and share it

Personal Deposits

Call your clients and ask them how things are going.
Send them a handwritten note or an email telling them that you were thinking about them
Sometimes, I text clients on a Monday and say I hope you have a great week
Stop by in person to say hi, smile, joke, and connect
Ask them if there are any clients that you currently work with that they would like to be introduced to.
I like giving clients unexpected gifts, like a birthday gift or cards recognizing their anniversary.
Invite clients to coffee to talk about life, not just the magazine
Find out if they have a particular charity or cause they’re passionate about and support it in some way.
The final thing is know what they love and surprise them with tickets to a game or theater.
Join them

Finally, be authentic and make sure they know the “real” you. Nothing is more powerful to building long-lasting trust than being genuine. As an example, I am very transparent with my clients about my faith. This has led to deeper conversations with some of them. Also, through all the deposits I’ve made and being authentic with them, I’m pretty sure all of them know I have their back.

In the end, though, it comes back to what my dad told me many years ago. In every business relationship and every other relationship, for that matter, you have a responsibility to always make deposits in everyone’s bank account. Make sure each one has a positive balance because sometimes it doesn’t even have to be our fault where we must take a hit. In those moments of truth, all those deposits you’ve built up matter and will likely lead to a long-term relationship.