A Practical Way To Make More Money
A practical way to make more money this year is to stop losing your existing customers. About now you are probably thinking that’s so obvious why would I even bother to mention it. The reason is that my experience has shown that most people have holes in their customer buckets and pay little or no attention to who they lose.
How many customers have you lost in the past 12 months? Who were they and why did you lose them? Who are they now using for the products or services that you once provided for them? If you are typical you wont be able to answer those questions for me because you don’t know.
It would be worth your while to determine what an average customer is worth to you and what it will cost you to replace them. Once you know that you can decide how much you are willing to invest NOT to lose a customer. Then determine what proactive preventative steps you can take to keep from losing your customers. It’s very likely you will find it costs you less to keep an existing customer than to acquire a new one.
Keep in mind that you ability to get new customers is only half the battle. Successful businesses sustain themselves only by keeping them.
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Comments
they should put alerts in something like your head or the thing you use the most like your cellphone.
Rick what a wonderful blog.Infact customer retention is the key part in any business as without the customers there is no business.keep it up and always keep me posted in all blogs of wisdom like this.
yes, ofcourse losing customers is another reason why we become unsuccessful. We don’t pay much attention to our existing customers due to which we lose them. Thanks for this type of thinking!