Getting New Business Is Not Something Most Business Owners Are Proficient In
The cold, hard fact is… most business owners… most professionals… most entrepreneurs… most managers… most salespeople… most people responsible for getting new customers for their business enterprise, simply don’t know how to get those new customers on an effective or cost-efficient basis.
So, they depend on ad agencies or sales reps from the Yellow Pages, magazines, newspapers, radio and TV stations to design their business-getting tools for them. And the truth be known… most of those reps or sales people don’t have a clue as to how to create marketing campaigns that produce measurable results on a cost-effective basis, either.
Getting new customers is important. In fact, it’s critical. You simply have to do it. Especially, if your business is losing up to 19 percent to attrition each year.
But getting new customers through traditional means is only one of many ways to grow your business to the point where you’re earning the kind of profits and income that you want. There are other things you can do that are not only more effective, but are more cost-efficient, as well.
Listen to this exciting statistic…
For Every 5% Increase in Customer Retention,
You Can Generate A 30% – 40% Increase
In Profitability Over 12 – 16 Months!
Think about that for a minute.
If your business is like most, and you lose 19 percent of your customers each year, that means that 81 percent stay with you and continue to do business with you.
But if you were to increase that number to 86 percent, you could enjoy a 30 to 40 percent increase in profitability.
Remember, that it costs 6 times more to get a new customer than it does to keep an existing one, and it’s 16 times easier to sell to an existing customer than to a new one.
So, when you compare the acquisition costs for getting new customers to like you, know you, trust you, and buy from you the first time, versus getting your existing customers to repurchase from you, the cost-to-sale difference is significantly different.
So, how do you increase your customer retention? How do you get them to buy from you again and again? How do you get your customers to continue doing business with you year after year, until they no longer have any need for your products or services?
And how do you get them to refer others to you so your acquisition costs come down below… way below the six times figure? What are the most efficient and most cost-effective ways to do those things?
Cater To Peoples’ Differences,
And You’ll Win Customers For Life
People are all different. But they’re really all the same.
How can that be? How can they be different, but still the same, at the same time, you ask”
Here’s what I mean…
People all want to be viewed as different, special, unique.
They want to feel as though their needs are different than anyone else’s. That the answers to their problems are different than their neighbour’s. And that they require special attention and special solutions.
Dr. Murry Banks, the popular New York psychologist, says that all buying springs out of four basic motives or wants:
1. To live longer and better
2. A feeling of importance – respect, power, prestige, admiration
3. To be appreciated
4. A desire for variety or change
Even though people all view themselves as different, they are really the same in that the four buying motives appeal to everyone.
With regard to motive number two, Dr. Banks cites the example of a little boy at the pool who shouts to his mum, “Watch me, mum, watch me!”
And while grown-ups don’t act in the same manner as the little boy, they do the same thing with their big cars, furniture, homes, jewellery, etc. There’s really not much difference between children and adults… just in the methods.
So, understanding human nature is critical if you’re in business.
Once you understand what your customers’ wants are, you can become a “Want Creator,” rather than a “Needs Satisfier.”
And when you become the one ‘Want Creator’ with the only logical and viable solution to your prospects and customers wants, you’ve just set yourself up for unlimited success, and have effectively eliminated your competition and are on the road to becoming the dominating force in your marketplace.
Do you need help with your lead generation?