Do You Have Strong Customer Loyalty?

Just a small increase in the amount of time a customer remains your customer can drop huge profits to your bottom line. If you sell products or services that are routinely purchased, such as supplements, haircuts, consulting, golf, medical care, etc., a 10% increase in the length of time a customer stays with you equals a 10% increase in revenue!

There are many other important benefits to raising your customer service to a higher level. That same customer is more likely to refer others to your business – a form of marketing that costs you zero.

5 Proven Tips For Increasing Customer Loyalty:

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Reality Vs. Perception

The $1M+ Learning Lesson

How do your customers actually perceive the value you provide with your products(s), service(s) and customer care? Is it the same as you perceive it to be? What is the “reality”? Not having a clear answer to these questions can lead to underperformance that ranges from increased customer turnover to lower repeat purchases to getting fewer referrals than you deserve…and of course, giving up profit.

Several years ago, after investing several hundred thousand in our landscaping, we were on our third gardener and I was once again less than satisfied and wanted to replace this gardener. Said another way, I PERCEIVED that the gardener was not doing a great job and that I was paying for hours where little was getting done.

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Systematically Getting More From Your Customers

Welcome to this week’s Profit Tip where we bring you real-world ways to Build-Grow-Manage-Profit from your business. My goal is that you earn at least $1,000 an hour for every hour you spend learning and applying our profit strategies.

Years back I acquired a company that was co-managed by two fascinating entrepreneurs, Jessie and Rohit. While we were focused on getting new clients, they were super-focused on first maximizing the revenue of every client. Their goal was to fill every client need they were qualified to fill. The results spoke for themselves. They were by far the most profitable division we had. This caused me to pay close attention to one of the most valuable lessons I ever learned.

You see, they knew that getting new clients was difficult in the competitive arena of technology. They also learned that they could penetrate deeply and expand into many more opportunities within their existing clients. At the same time, doing so resulted in building stronger relationships and becoming harder to replace.

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