2017 has the potential to be a refreshing new start for your business. Here are 5 easy-to-implement resolutions that cost only a little of your time, but each one can have a big impact on your success. Each resolution is an element of 'Success Thinking' by pulling you out of the day-to-day fires and letting you put your feet up and think about the overall health of your company.
- Print these out.
- Write them down.
- Review them once a month
If you want 2017 to be a turning point, here is your starting point:
Customers are one time sales. You invest marketing, signage, sales training- but only collect money from customers. There is no relationship. After a customer goes, you sweat whether another will come in.
Clients, a term that originated in the legal and accounting industries, refers to a lifetime relationship where the individual comes under your professional care. Clients form the basis for a thriving business. Customers may never be seen again.
Control the future of your business with a mindset that you will treat anyone who buys like a client.
Customers, Clients, Guests and Members can all bring you life-long, successful business relationships. Treat everyone like you want to be with them for the next 15 years!
Client Lifetime Value can drive more decisions, give perspective, measure profitability simply, and forecast the future easily. It is the value of a client who, through a nurturing relationship, stays with you for multiple sales over multiple years.
Use a client's average sale per year and multiply it by the average number of years they stay with you. Now use this decision to budget for more new clients based on the cost per lead sold- #3 on the list!
Knowing how much $ is invested to get, not just a lead, but a lead that converts to a client, is very critical. If you are investing more than you get back from any media, it's time to re-evaluate. The first step at looking at marketing effectiveness is computing the cost per lead sold.
In the process of evaluating the cost of a lead, don't forget to weigh-in on the effort you put towards developing relationships. The most expensive hammer is no more effective than the least expensive, if it never meets a nail.
Don't follow the crowd over the cliff following the latest media shiny object. Just because 'everyone else is doing it' doesn't mean it makes sense for your business. If three new types of social media spring up this year, don't be distracted until you have measured every media you already use to determine the ROI.
- Don't be deceived by 'free' media. Nothing is free. Count any time you work on social media into the ROI computation.
- Don't buy media from people coming into your business. Anyone arriving at your doorstep with a proven solution is only thinking of themselves, not you. Unless they ask 10 specific questions before they talk about their offer, they are just another media salesperson. Don't fall for it.
Have you ever taken the time to calculate your Client's Lifetime Value? Here's a short video provided by MktgStudyGuide to give you the basics.....
There is an entire market of proven buyers sitting in your files and client lists. While everyone else is chasing new customers, you should train, educate, and sell your existing clients!
Instead of constantly chasing new customers, have a special sales or event for those you already have! Their cost to acquire is zero- you already have them. And many feel slighted when you treat new customers better. Or ignore them completely. They can be a rich source of revenue and profit, too.
These are not 'lose 50lbs in 8 days' resolutions. You CAN implement these easily. And the results will be surprising.
Contributions from: Mark Mehling, Owner - Take Control Marketing
Thanks to MktgStudyGuide