Would You Know How Much Each Customer Can Be Worth To Your Business?
The life worth of each customer means the entire gross profit that you accumulate out of an individual over their lifetime of doing business with you less the purchase cost and advertising expenses over the course of their life.
Once you know this value, you also know exactly how much money you can spend to acquire a client through promotion.
Do you understand the power which provides you as a small business owner? Did you know that by simply knowing your customer lifetime value, you can literally dominate your niche and eliminate your competition from the minds of your clientele?
The thing you need to know...
Most companies know intuitively that it's much simpler to make an additional sale to a current client than it would be to create that first sale which accelerates that client. Regrettably, they do not do enough to work out the way they could sell more to their current client base.
Why you need to understand this
It's important to see that a client who has had a unique experience with your service or product is naturally going to look for one to help them fulfill their other needs with additional products. They now trust youpersonally, and are happy with the relationship they will have with you. You ought to benefit from these hope and make an offer for yet another product/service soon after their initial buy, and schedule frequent attempts to provide more to your client base.
The cost for you in the event that you fail to act...
Whenever your customers observe that you supply them with value, they are going to continue to purchase from you personally. But, you can not assume they will just call you up and ask you to sell them something. You need to make the effort to request their order.
So are you really doing that?
Do you know just how to do so?
Are you aware that all of this is sometimes put on autopilot, and requires no additional actions on your part at all?
That is easy to do and generally... costs you nothing except a short amount of time to put it up.