Now that we know what the value of a customer is, what is their lifetime value? Are the customers who purchased the discounted item you had listed worth anything more? What can you do to increase their value? At times we see people who make small purchases or a series of purchases as not being… Read more »
What is the value of a new customer?
The answer to this question guides every decision you make about your business. It not only dictates how much you can spend on acquiring customers, but it also dictates what options you have available at your disposal to acquire them and what systems you need to have in place to support and serve them. How… Read more »
What systems do you have in place to keep your existing clients connected to you?
We know that it is more profitable to sell to your existing clients. The question is: How do you make this happen? Different businesses have different purchase cycles. The gaps between when you purchase groceries and when you buy another car are significantly different. You have finished working with a client, and the client is… Read more »
Find New Customers, or Sell More to Existing Ones? Which is Better?
When I ask this question, I receive one of two responses. A blank look or “What do you mean? It’s always better to get new customers.” Really? Can you tell me how much it costs you to get a new customer? How much time do you spend nurturing the relationship? How much time do you… Read more »
Who is your ideal customer?
This is one of the most important questions I ask every person I interview. Most business owners have a hard time answering it. Some have given the question some consideration, and others have never thought about it. The first response I get is “everyone” or “everyone who . . .” with a qualifier. Most times… Read more »