The “Leaders Building Leaders” series is designed to share the experience and expertise of recognized leaders with the next generation of leaders. If you know an established leader in the equipment industry whose stories and wisdom should be passed on to others, or you’re an emerging leader who wants to learn more about a specific topic, please contact us!
Dennis VanderMolen serves as President of Vermeer Mid-South, a position he’s held since 1987. The company supplies several states in the southern US with specialized equipment, parts, and services. He’s also been active in supporting the equipment industry, and has served as chair of both the Associated Equipment Distributors (AED) and the AED Foundation. We recently asked him for his perspectives on operating a successful business and creating long-term customers.
It shouldn’t be surprising that the same principles that make loyal employees are also the ones that make loyal customers.
Trust is an essential quality in building a loyal base of customers. “Trust is one of those elements that is built over time,” says VanderMolen. Anyone can tell a customer what he wants to hear to make a quick sale. An honest, straightforward approach to all your business dealings will set your company apart.
He compares building trust to accumulating compound interest. In the same way that a seemingly insignificant bank deposit will grow in value over time, the consistent, thoughtful attention a customer receives will accumulate. The result is a business with a solid reputation for excellence.
A key way Vermeer Mid-South has found to establish trust is to ensure its customers are satisfied. It’s obvious that a business has to make a profit to stay viable. But there are times when profits are secondary to customer satisfaction. Sometimes, it may even mean taking a financial loss to reinforce or rebuild a good relationship with the customer.
Customer satisfaction combined with trust built over time will pay off, both in loyalty and reputation. With repeat customers and an ever-expanding reputation for service, profits will also grow over time. “What is the lifetime value of a customer?” VanderMolen asks. And who can say? It’s impossible to know just how valuable each one may become.
It’s easy to supply customers with a product for a one-time sale. But to truly thrive, a business in the equipment industry needs to provide ongoing support. Customers want confidence and peace of mind, knowing they’ll receive support long after the sale.
VanderMolen has found that a product-support-driven company is crucial in today’s marketplace. Make sure you have training options available, either in-person or virtual, to help your customers be successful with their purchases. Additional resources like replacement parts, knowledgeable technicians, and certifications will give customers reasons to come back many times over.
Success shouldn’t be measured by the quantity of business unless, of course, it’s backed up with a strong reputation for honesty, trust, and support.
Part 2 of our interview with Dennis VanderMolen will be coming soon!
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