C hances are, your business lost customers in the last year and you’re still waiting for the economy to turn around. Your Profit and Cash bucket...
C
hances are, your business lost customers in the last year and you’re still waiting for the economy to turn around. Your Profit and Cash bucket has leaks and it’s likely that you don’t know how many customers you lost, who you lost, why you lost them, where they went or where they are now. If you are the leader and do nothing different, I’ll be able to make this same claim about your business this time next year. Make more money now, by not losing customers, starting with the one you’re about to lose tomorrow.
How; accurately determine how much a customer is worth and how much it costs to replace that customer. This is so you can decide how much you are willing to invest to not lose a customer. Next, decide how to split that investment in to preventative versus search, rescue and recovery programs. Now create or re-create and actually execute both the preventative and the search, rescue and recovery programs, and simultaneously test, analyze and improve, over and over again.
Even if you have a high retention rate and urbane, multi-phased programs, it is time to test, perfect and improve Profit and Cash retention to all. Your testing will reveal needed tweaks – some minor, some major and some easy and some painfully hard. No matter how long the list is, implementation should not exceed 90 days.
You should loathe, and I mean loathe losing customers. Sports teams, who win a lot, loathe losing, even more than they like winning. To be a winner, you must loathe losing. Winning, in it of itself is an insufficient motivator. You must comprehend the true economies of losing a customer. You must become passionate and committed to invest uncompromisingly in not losing customers. Getting customers is not genius. Dot-com’s get them every day with virtually no business model. Organizations that achieve their Profit and Cash goals do so based upon their ability to keep customers.
Re-Invent and Re-Package Your Business to Grow, Now!
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