Grow Total Customer Value
I'll bet you've got all the challenge you need right now. For a change, let the other guys climb mountains; feel free to ride the chairlift. And there is one way to ride the chairlift in just about every small business:
Grow Total Customer Value.
Remember this point: Doing more business with happy customers you already have is easy, especially compared to the risks and costs of getting new customers. Getting new customers is often unprofitable. It usually takes more than the first sale and some time to get profitable with new customers.
Compare that with doing more business with customers you already have a relationship with. It's less expensive, safe and almost always profitable.
The more you can leverage your relationship by inviting customers (and making it worth their while) to purchase more often, the more profit you'll make.
So how do you build more total customer value? The steps to get there are straightforward. Spend some time on a regular, scheduled basis (best would be 1 hour every day, but at least 1 hour every week)… away from distractions - no phones or interruptions - thinking only of ways to be of new and better and greater service to your customers.
One of your blessings of being a business owner (as opposed to an employee) is the ability to change and adapt quickly, to see the writing on the wall and creatively act. Too many business-people get stuck in a rut of narrowly defining what their businesses are.
One of the keys to generating big profits from small business is to reinvent the business.
You know you have to be unique and different from the competition in order to prosper… reinventing your business is the yellow brick road to an Uber USP - unique selling proposition.
Some Starter Questions
If your business is selling a popular product, what ways can you reinvent that business to leverage and extend your relationship with current customers? (Examples might include an email or direct mail newsletter, games, T-shirts, licensing, even a fan club.)
What ways can you encourage customers to purchase more of your service on a regular basis? (eg. Year long subscriptions for 1 or 2 sessions/month to stay pain free? … for chiropractors, massage therapists, etc)
Who might you partner with to recommend other services that your customers will have to buy anyway?
What valuable, free information or samples can you offer your customers that will provide value, strengthen the relationship (and maybe get into the hands of more potential customers)?
Where can you include this information? (In product boxes, included in bags, sent by email or snail mail, offered at counter, etc.)
Filed under Business Advice, Business Development, Grow Your Business by Michael Walsh




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