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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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3 Steps to Instant Profits

Most businesses I speak to are unaware that “inactive” customers can be a gold mine of hidden profits within their business. Or all too often they have taken on the false belief that these “inactive or lost customers” are not worth the effort. SILLY!

REACTIVATING PAST CLIENTS/CUSTOMERS that are no longer doing business with you.

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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 over-focused on getting new clients, they were focused on first maximizing the revenue of every client. Their goal was to fill every client need they were qualified to fill. And the results spoke for themselves. They were by far the most profitable division we had, and this fact caused me to pay close attention.

You see, they learned that getting new clients was extremely difficult in the competitive arena of technology. They also learned that they could penetrate deeply and expand into many more opportunities within these same clients, building stronger relationships, had more opportunities and actually became harder to replace.

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4 Tips for Generating More Quotes/Proposals

Does your business have a formal proposal or quote process, or require written confirmations, or other information before a prospect will purchase? If so, you have a “proposal” step in your sales process no matter what you call it.

You’ve invested a significant amount of time and money to generate leads, connect with and engage with prospects in some fashion. Your investment in these efforts is worthless if you don’t get the opportunity to submit a QUALITY PROPOSAL.

Like getting up to bat in baseball, the more opportunities you have to submit a quality proposal, the greater will be your success. Just a 3% increase in the number of prospects and opportunities you turn into proposals can yield increased profits with little time, money and effort. It’s the power of incremental improvement I’ve stressed in many of these newsletters.

Want More Proposals?

Here Are 4 Quick Tips

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Are You Really Trusted By Your Customers?

The bottom line is, people buy from companies they know, like and trust. They also buy from those who are perceived as experts in their field.

To build trust:

  • Show you care about THEM instead of appearing only focused on a sale. When you interact with a prospect, adopt a helpful mindset. When a prospect engages you in communications (phone, in person, email, or text exchange), listen to what the prospect is saying so you can respond directly to their particular needs. Exceed their expectations in how you interact with them. Treat all of your prospects like you would like to be treated as a prospect. (more…)

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The Bottom Up Sales Funnel

Tired of missing sales forecast? If so it may not be that you and your team are not working hard enough but instead that you are going about things the wrong way.

What if there was a way to significantly increase your ability to accurately achieve your projected sales goals?

I created a simple process for helping companies eliminate that dreaded feeling of coming up short every quarter. (more…)

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Profit Focus Tool

How to Focus On Your Top Profit Opportunities and Get Your Team On Board

Well, Q1 came and went. If you are like me, you may measure progress at the end of each quarter. But do you stay focused on the most important tasks? You have no shortage of “good ideas” I am sure. If fact, the list is probably overwhelming. So how do you get your arms around all of these “good ideas” and organize them so that you are working on your most important ideas first, and at the same time not lose track of the ones you really want to get to sometime this year?

Tons of Great Ideas, But How To Stay Focused on The RIGHT Ones?

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Accelerated Sales Conversions – 5 Elements For Turning Way More Leads Into Clients

You’ve invested time and money getting leads into your sales funnel. You may even be doing well with sales. However, if you’re like most businesses you may be leaving a significant amount of money on the table because you have not maximized how you handle your leads.

Here are 5 elements to getting more customers from the same number of leads:

Element 1 – Speed – Ever had an interest in a product or service and filled out an online form or made a phone call to get more information from a potential supplier only to find they took days and sometimes weeks to get back to you – or even worse, they never got back to you?

  • Do you know how fast you respond to sales inquiries?
  • Are you tracking response rates?
  • Have you set a standard for how quickly you respond to inquiries?

Respond faster and more consistently and you will turn more leads into sales. This is a simple but powerful idea.

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How To Reactivate Customers To Buy From You Again

You spend so much time and money to acquire a customer…and then they stop buying, even though they have a need or future need. Whether you sell a regularly consumed product such as vitamins, or randomly purchased product like pond supplies, or long term products or services like mortgages, here are some specific tips for turning lost customers, clients or patients into more profit.

    1. Urgency: It is critical to reach out to lost or inactive customers immediately and ask them why they stopped doing business with you. Often simply following up with a lost customer and reconnecting with them results in the past customer doing business with you again.

      Note: Even if that past customer does not choose to do business with you again, you’ll gain valuable insights by reconnecting about ways to improve your level of customer service to assist you in reducing your customer attrition rate.

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The 7th Buying Fundamental Every Business Must Understand

As I shared in the last 2 posts, today’s buyers are more sophisticated than ever. Therefore, to win the game of attracting and converting clients, customers or patients you must provide them with an experience that includes 7 key fundamentals. Fail to do this and you will never build the business you deserve. I covered the first 6 so far …

Fundamental #1 – Everyone wants the “best deal.”

Fundamental #2 – Always market to the negative.

Fundamental #3 – Prospects buy based on emotion.

Fundamental #4 – Make your business “unique.”

Fundamental #5 – Prospects buy what they want… not what they need.

Fundamental #6 – Be able to communicate your uniqueness and extraordinary value.

The 7th critical fundamental to understand is…

Fundamental #7 – Create “extraordinary value.”

Have you ever shopped for something and found yourself looking for the lowest price? Ever wonder why? As we stated earlier, all human beings, no matter who we are or what we do, we all want the best deal. But what is the “best deal?” Is it really the lowest price?

There’s that old saying that you get what you pay for. Would I shock you if I told you that your prospects could care less about price? They shop price because they’re forced to. Let me explain. What prospects really want is the best “value” for the price they pay. They’re more than willing to pay double the price if they perceive that you’re giving them four times the value. Now they know they’re getting the “best deal.”

So then why does price seem to matter so often? (more…)

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The 7 Buying Fundamentals continued

As I shared last post, today’s buyers are more sophisticated than ever. Therefore, to win the game of attracting and converting clients, customers or patients you must provide them with an experience that includes 7 key fundamentals. Fail to do this and you will never build the business you deserve. I covered the first 3…

Fundamental #1 – Everyone wants the “best deal.”

Fundamental #2 – Always market to the negative.

Fundamental #3 – Prospects buy based on emotion.

Let’s continue…

Fundamental #4 – Make your business “unique.”

One of the biggest problems business owners face when trying to make that emotional connection is that different prospects have different hot buttons. That’s why it’s critical that you separate your business from your competition. You must find a way to stand out from the crowd. The best way to do this is to create a “niche” market for your business. That means your business has to stop trying to be everything to everyone.

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The 7 Buying Fundamentals That Every Business Must Understand

Today’s buyers are more sophisticated than ever. Therefore, to win the game of attracting and converting clients, customers or patients you must provide them with an experience that includes 7 key fundamentals. Fail to do this and you will never build the business you deserve.

They’re based on fundamental human nature… still applicable today as they were 1000 years ago.

Fundamental #1 – Everyone wants the “best deal.”

Your prospects, no matter who they are or what it is they’re buying, always want the best deal. That doesn’t mean the lowest price… it means the most value for the price they pay. They will gladly pay twice the price… as long as they perceive they’re receiving four times the value when they compare it to the price.

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The Truth About Selling Real Value…

All small and medium size business owners, at some point in time, are faced with the pressure to offer lower prices or greater discounts. This is especially true for those of you who sell, or want to sell at the higher end of your market. There are many schools of thought about dealing with this common sales objection, but the general consensus is to steer the prospect away from the conversation of price and toward a discussion of VALUE.

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