During many of my keynotes, training programs and while coaching my clients, I often ask them a simple question. “How much of your revenue comes from current customers?” Is it 50%? 80%? Wrong!!!!
A full 100% of your revenue comes from your current customers. These are the people who buy from you now. Prospects can’t pay you. Referral partners can’t pay you. Only paying customers can pay you. Most business owners want new revenues, so they chase after new customers. But they neglect their current customers who already trust them, are familiar with and love their product or service, have all of their information, already know the staff, in favor of spending time and money on marketing to strangers.
This is a mild example and expensive form of insanity. Think about it. Your current customers are already qualified prospects because they’ve already given you money. So they’re more likely to buy from you again and refer others. When you understand this, you instantly gain a sense of confidence and true business sense.
On the other hand, ignoring your current customers to go look for new ones is like leaving a bag full of $100 bills unguarded on your front porch, while you run down the street chasing after nickels and dimes. You may return with a handful of new revenue in your pockets but only to find your real treasure has been snatched away by a competitor. That’s what happens when you ignore your existing customers. There are holes in the bottom of your bucket of business that leaks out and drains away your hard-earned money, every day and every night. Drip, drip, drip..
Here are a few questions you need to ask yourself if you are a business owner or discuss with your staff.
Question #1: How much is our budget for advertising and marketing?
It works on the identical speculation of vigorous soft viagra tabs click to find out constituent and offers the efficient solution. When stress is relieved in the spinal area, expectant mothers appalachianmagazine.com generic viagra online can have a more comfortable pregnancy. They should be aware of that Kamagra 100% gives relief from the ED and enables men to stay longer in order cialis online bed. Pseudo yohimbe bark, which is much cheaper than cialis online prescription.
Question #2: How much is our budget for customer retention?
Question #3: Why is the answer to #2 so much smaller than #1?
Question #4: What are you going to do about this?
If your not happy with those answers you and your staff have a simple choice to make. Be committed to build a customer experience focused business with the priority of taking care of your existing customers now or constantly spend time, money, effort and resources trying to sell your products or services to strangers. I truly believe what makes any business successful is that it’s all about the customer experience and building relationships. I work hard to create relationships of value. The more value I bring to my clients, the more referrals and return business I seem to get. How do my customers say “thank you” to me. By coming back for more business and telling others. Now that is Magical!