Have you ever thought about what the actual value is of each of your customers? Some are more than others, but if you add the total revenue that you get from your customers by the number of customers you saw last year or last month you would have the average value of what each customer is to your business.
Principle 4
The value of a customer is 20 times his annual sales volume. A $10,000-a-year customer has a lifetime value of $200,000. Wow, that is a lot. That is what you earn if you keep him happy. That is what you fail to earn if you lose his business. The key to success is to earn the next order during and between the transactions with the customers.
A service action or educational communication is as critical to the long-term loyalty of a customer as a sales action.
Here is the thought-provoking questions….
1. Do you know how much one customer means to your company?
2. Have you ever been responsible for losing a customer?
3. Did you ever calculate the cost of the loss?
Does your company spend as much time trying to keep it’s existing customers as it does trying to attract new ones?
Remember every customer contact is an opportunity to earn the privilege of that customer returning to your business.
What would your business be like if you contacted 10 customers a day to just say “thank you?”
What can you do today to make your customers happy that they do business with you and not your competition?
10/22/14
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