Attracting Loyal customers helps business owners get off the customer acquisition treadmill and improves profit.
Every business owner I meet is constantly chasing new customers. I tell them they are stuck on the customer acquisition treadmill, where they are constantly spending their hard earned dollars trying to get new customers. Customer churn is hurting business and generating poor ROI on customer acquisition costs.
However, it does not have to be like this. The focus of every business should be to focus on B type customers. These are the people who are not totally discount focused. They are looking for value for money. If your product meets that need and they see value in that then they buy.
We know it is 60% more likely for an existing customer to repurchase than a new one.
With this in mind the focus needs is to ensure that your business constantly delivers a great customer experience. Research tells us that 80% of people leave a business due to a poor experience. If this is your business, then think about how this is impacting on your bottom line.
The Grow Your Profit system aligns the three key drivers of profit in any business. They are a great customer experience, with getting the right customer, (i.e.effective marketing) and having an offer so awesome that it bring them back time and time again while you are making good profit.
Customer experience is going to be more important than price or product within 5 years and it is the key factor that can help businesses move away from having their product and/or service treated as a commodity and hence having to compete on price.
If you are interested in learning more about the Grow Your Profit system, visit our website www.growyourprofit.com.au or contact us. We are passionate about growing businesses.