Developing customer satisfaction and customer loyalty has captured the attention of small business owners—and rightly so. Every business owner wants happy, satisfied customers. Loyal customers buy more and refer people to your business more, right? Well, maybe. According to Harvard Business Review, “Customers may be very satisfied with your brand and happily recommend it to others—but if they like your competitors just as much (or more), you’re losing sales.” (“Customer Loyalty Isn’t Enough. Grow Your Share of Wallet,” Harvard Business Review, October 2011).

It’s not enough to focus on customer satisfaction; you need to also pay attention to what share of your customers’ wallets is spent on your business and products as opposed to your competitors’ businesses and products. What is your rank relative to other brands? Satisfied customers may still buy other brands. Walmart learned this the hard way in 2008 when they re-designed their stores and saw an improvement in customer satisfaction because of the changes. However, as satisfaction rose, same-store sales began their longest decline in Walmart’s history. While satisfaction increased, Walmart’s share of the customers’ wallets dropped.

To improve your share of wallet, you need to understand what drives how your customers rank your business or product. Survey your customers. Ask them why they use each of the products they do. Why do your customers prefer your competitor to you? The bottom line is that to improve share of wallet, you must improve your rank in your customers’ wallets. If you want to more information on improving this driver of business success, check out the article’s Wallet Allocation Rule and suggestions for how to improve your rank.
 

• When a customer first enrolled we explained to them that our school was able to provide an excellent education to their child only if we gained parent referrals, and let them know we would be asking them for referrals down the road.
• In each of our four classrooms our Director would make a brief appointment with a parent or two once a week to give them an update on their child’s progress, see if they had any questions, and ask them if they would take a referral form with them and have it back to us by the end of the week.
• We tracked the date we had a conversation with each parent, and followed up with them to retrieve their referral forms.
• As an added bonus, we offered each parent a $100 discount on their tuition for each new enrollment they brought to us.

As the 2011 fiscal year concluded, Arvest Bank finished as the most prolific Small Business Lender in Arkansas.  Records reported that Arvest provided more than $42 million in SBA loans. See the following release below for additional details regarding this year-end success in helping small businesses with their financing needs.

FAYETTEVILLE, Ark.—Records of the Arkansas District Office of the U.S. Small Business Administration (SBA) for the fiscal year 2011, which ended September 30, show that Arvest Bank was the top SBA lender for the state of Arkansas at fiscal year-end.

According to the records, Arvest provided funding for more than $42 million in SBA loans produced in Arkansas in 2011, which is a 16.67 percent increase over the $36 million the bank generated in SBA loans in 2010. 

“Arvest is proud to be the state’s largest SBA lender. It is a privilege to help small business owners in towns and cities across the state obtain the capital they need to grow, expand, hire and succeed. The SBA loan program is essential in making it possible to meet these needs and we plan to continue to grow our SBA loan portfolio,” Jackie Randle, senior vice president and SBA loan administrator, said.

The SBA is a government agency that provides support to small businesses, such as education and preparedness to apply for loans through banks or financial institutions.  The SBA does not make direct loans to businesses, but acts as a guarantor on loans.  Its mission is “to maintain and strengthen the nation’s economy by enabling the establishment and viability of small business and by assisting in the economic recovery of communities after disasters.”

Arvest attributes much of the SBA loan growth to the availability of the bank’s local lenders and those lenders’ knowledge of their individual markets. By working in partnership with the SBA programs, Arvest’s lenders can help business owners participate in programs they might not have known about on their own.
 

ServiceMaster Clean has been an integral part of Fort Smith and the surrounding area business community for 14 years strong. Before opening the doors in 1999, owners Tommy and Lisa Smith conducted some practical geographic and economic studies of the area.  After proving to be a promising area for their business escapade, the Smiths’ were officially open for business. 

Initially, Tommy and Lisa were the only two employees at ServiceMaster Clean in 1999.  Today, they employ approximately 45 full-time and part-time employees, enabling the community to seek job opportunities with them and supporting the economic growth as a whole.  

ServiceMaster Clean is your one-stop-shop for cleaning services of all kinds.  From disaster messes to general cleaning needs, they have you covered. They specialize in water and fire restoration, mold remediation, carpet cleaning, and janitorial services.  And, setting them far apart from their competitors is their offer of satisfaction-guaranteed service and five-year warranty on work done.

Arvest Bank has reinforced ServiceMaster Clean’s success by giving expert business support and advice. Problem solving and the tools Arvest provides enable ServiceMaster Clean to have financial peace of mind. The professionals at Arvest Bank “know the needs of our business and how to meet them. The good communication and understanding has led to success between both organizations,” said Tommy and Lisa Smith.

Founded three years ago by Lorrie Madden, executive vice president and sales manager of Arvest Bank in Rogers, InVESTing in Women has grown into a successful professional women's networking group in Northwest Arkansas.  The light bulb came on for Madden in 2007 when she came across an article in the ABA Bank Marketing journal.  The article revealed to Madden that women business owners are the fastest growing group of business owners in America. By forming a “meaningful relationship” between the bank and this powerful, growing market segment, the two groups could grow and succeed through each other. 

With Northwest Arkansas being one of the fastest growing regions, Madden saw this as a perfect opportunity for Arvest to reach out to this expanding market.  And so came InVESTing in Women as the result.  The established purpose of this networking group is “women helping women find financial solutions.”  The first meeting included only 15 women in December of 2007.  Since then, it has grown into a huge success and has merged with a similar group in Bentonville to make it even larger.  Bentonville’s original focus was also to educate women about financial topics, but also about topics ranging from retirement solutions, staging a home for sale, how to start a small business and even skin care!  The merger of the two groups brings endless possibilities to the table for any woman in the area.

“It’s very exciting to see the value of this initiative in the community.  We continue to receive exceptionally positive feedback from participants.  One of our advocates from the very beginning almost 3 years ago said she has drawn over $35,000 in new business to her business from this group and the contacts that resulted,” said Madden.

Since the expansion, Madden has recruited a variety of women within the Arvest network to help lead the meetings.  In Bentonville, you can expect to meet and speak with Client Advisor and Investment Specialist Amie Bland, Retirement Plan Specialist Kelly Majdan, Commercial Loan Officer Darlene Nicolau, and Bentonville Downtown Branch Manager Tara Greeley.  In Rogers, Marketing Specialists Amy Tucker and Rogers Villages on the Creek Branch Manager Donna Howard lead the meetings each month. “We really enjoy doing it and have worked very hard to make sure we continue to have new guests coming to each meeting!” said Bland.

The meetings are held once a month, alternating between Rogers and Bentonville.  Rogers holds the meeting on the second Tuesday of each even month at the Arvest at Village on the Creek.  Bentonville holds the meeting on the last Wednesday of each odd month at the Arvest branch Downtown Bentonville. 

You're invited! Seating is limited and request that you RSVP. To be added to the InVESTing in Women Email List, please contact Amie Bland at abland@arvest.com or Amy Tucker at atucker@arvest.com or call 479-621-1777.
 

A customer walks into your store. Noticing him or her you make your way over to welcome them. Eager to make a sale yet not wanting to sound pushy, you put on your most polite and helpful tone.

“Can I help you?”

Your greeting sounds good. But you have just delivered a potentially fatal blow to your relationship with that customer. The customer can simply reply, “No thanks, just looking.” End of discussion… end of possible sale.

While your approach has an air of being helpful and customer-focused, asking questions which expect a yes or no answer does not develop relationships. As a business owner you are not selling a product or service. You are selling a relationship.

Any time you interact with a customer either to ask a question or respond to a complaint, you should seek to advance your relationship by opening yourself up and inviting the customer into further dialogue. This means looking for clues about the customer’s life or passions and being interested in them. It means asking questions that can’t be answered with a yes or no. It means when a customer complains, you don’t simply respond, “I’m sorry.” You ask questions about why they are dissatisfied and how you can make improvements. 

If you want loyal customers, if you want spreading-the-word customers, then have open conversations with them. Both you and the customer will benefit. 

 Doug has been counseling businesses of all sizes for 20 years as both an accountant and lawyer.  His role for Arvest is to help us better serve our business customers. For more information, articles, training and online tools, visit Arvest's Small Business Resource Center.

Bull Shoals Lake Boat Dock was established in 1972 by John Eastwold, and now in its 39th year, his family continues his legacy. Bull Shoals Lake Boat Dock is located in the town of Bull Shoals, just two miles from Bull Shoals Dam. When you come to visit, they make sure you feel like part of the family.

Bull Shoals Lake Boat Dock offers a variety of activities for the whole family. Guests can enjoy guided fishing trips on Bull Shoals Lake and the White River, take in the breathtaking views from the Lighthouse Point Resort or rent a luxury 50- or 60-ft. houseboat. Bull Shoals Lake Boat Dock also has a full service marina to accommodate all of your lake vacation needs. The marina includes a dive shop, bait and tackle shop, general store, repair shop, boat sales, fuel station, ski and wakeboard shop and much more.

As the Bull Shoals Lake Boat Dock has grown over the years, so has their relationship with Arvest Bank. Since 1974, Arvest has been a true partner in every step of the way as the marina has expanded and succeeded. Deena Eastwold said, “Arvest has been loyal to us for many years, as well as guided us in the right path to continue growth for our family business.” 

For more information about Bull Shoals Lake Boat Dock, please visit www.bullshoalslakeboatdock.com.

(By clicking on external links, please be aware you will be leaving the Arvest website.)

As the only orthodontist in Christian County, Dr. Kevin Austin’s practice in Nixa, Mo. provides a high-quality orthodontic treatment option without having to make the commute to Springfield and back.
 

Nixa has seen a large population growth over the past ten years, and Austin Orthodontics has served the area for the past seven years. Until the practice opened, Christian County was the only area of its size with no orthodontic providers.

Like Arvest, Dr. Austin knows the importance of giving back to his community.  He has served as the president of the Missouri Society of Orthodontists and as a Springfield Dental Society board member. He takes pride in being able to offer a much-needed service to the surrounding area.

Similar to so many other small-business owners, Dr. Austin has experienced the daunting challenge of starting a new business in a new town. However, when it came to growing the business, Arvest was able to point Austin Orthodontics in the right direction.

“Working with Arvest was instrumental in allowing me to expand my business,” Austin said. “The entire process was very easy, and I am extremely satisfied with the results, both with the new office building and the structure of the financing. I have recommended Arvest and the RMI 504 loan program to many of my dental colleagues that are thinking of taking on a building project.  ”