Debbie Mayo-Smith international inspirational motivational how-to speaker technology, time management, improving business performance
Motivational Speakers, Sales, Marketing, Time Management, Productivity, Technology, Tips

Be a farmer, not a hunter

You can expand your business by:

• getting new customers

• selling more to existing customers

• keeping your existing customers for a longer period of time.

Most business leaders use the first growth strategy, the most difficult and expensive way to grow. 15-year lifetime value.

The easiest way to increase your business is by keeping existing customers. Multiply the annual spend of a ‘typical’ customer by 15 years. This is their lifetime value to you.

Research shows most companies lose 50% of their customers every five years. This means you’re only getting 16.5% of your potential revenue (one-third of lifetime value from half your customers).

What if you could keep your customers for 10 years?

Imagine how much that would add to your business. So, what are you doing to keep your customers coming back?

 


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