WHAT WE DO
“IS YOUR BUSINESS EFFECTIVELY USING THE 4R’s?“
Be Easy To Find – Get More Leads – Increase Sales
What do others think of your business? Does it attract new business or send it to a competitor?
Are you maximizing the Lifetime Value of your customers by taking advantage of Re-sell, Cross-sell and Up-sell opportunities?
The truly successful businesses know that their existing customer base holds the key to having a thriving business.
There is not an easier sale to be had out there than one to a satisfied customer. It can cost up to 8x as much to attract a new customer as to sell to someone who has already bought from you.
8 times as expensive!
Once you’ve done all of the hard (and often costly) work of getting a customer, you need to keep them engaged so they come back when they need you again. This is how you maximize the lifetime value (LTV) of that customer.
Whatever metaphor you want to use…mining your backyard…picking the low hanging fruit…the point is the same:
It makes more sense – both financially and from an efficiency standpoint – to fully capitalize on your existing customer base than to be constantly on the hunt for new customers.
The more value you can generate from each customer, the less you have to spend on marketing. This means you can increase your profit margins and/or reinvest the savings into your products and services — in the process making your business even more attractive to your customers!
Ways to Retain A Customer
Re-sell – provide the same service they previously bought (repeat buyer).
Cross-sell – offer a complimentary service to what they previously bought (got a roof, now getting windows)
Up-sell – sell a higher-cost service related to something they bought previously
Many businesses are so concerned with how they will keep attracting new customers that they forget that they have a built-in customer base that is ready, willing and able to buy from them again.
But they are not asked.
Or they are not aware that other services are provided.
It’s hard for your customers to buy from you again if they do not know that you can help them again.
Stay in touch and ask your past customers to buy from you again to proactively maximize the Lifetime Value of each one of them.
Not only does this make each customer worth more to your business simply because they bought again, but they spend more on subsequent transactions, decide to spend faster and cost less to convert than someone completely new to you.
Are you maximizing the Lifetime Value of your customers?