If you're spending tons of money on attracting new customers, you're making a huge mistake. Businesses that are growing tend to spend so much of their time and money acquiring new customers that they often overlook their best source of growth: retaining and growing their existing customer base. Believe it or not, it costs five- to 10-times more to acquire a new customer, than it does to keep an existing customer and the best way to retain customers is by promoting customer loyalty.

In this episode we discuss:

-What is the definition of a loyal customer?
- How can you create customer loyalty?
- Social media and customer loyalty
- Is there really such thing as a satisfied customer?
- Under promise and over deliver
- Referrals, Referrals, Referrals

Tom Shay is a lifelong small business owner and manager and the fourth generation to be involved in the family business.

Shay moved to Florida to join his parents in the family operation they had purchased in 1971. Over the next 26 years, the Shay family owned and operated three businesses in the retail trade and a fourth in the wholesale and manufacturing industry.

Shay has authored 11 books on small business management and co-authored a book on retailer/vendor relations. He has also written a textbook on small business financial management. During the past 18 years, Tom has written over 400 management articles that have appeared in over 70 national and international trade magazines.

Shay's experiences provide him with the knowledge and background to present ideas to assist owners, managers, and staff with the day-to-day operation of their businesses. He presents proven and time-tried ideas on the topics of promoting, customer loyalty, business management design, marketing, business strategy, employee skills development, and financial control. His clients include PANTS, the Independent Garden Center Show, Ewing Irrigation, John Deere Landscape, E.P. Henry, VPG, many of the state nursery and landscape associations, as well as many of the wholesalers in the trade.

As a speaker, Shay has earned the Certified Speaking Professional distinction, an honor that has been earned by fewer than 7 percent of speakers worldwide.

He attended Hendrix College and University of South Florida. He has been married to Marilyn French Shay for 37 years with whom he has three children, Amanda, Darren and Blake.

For more information, visit www.profitsplus.org.