If you want to have more high-spending loyal customers than you have today then you need to change the way you are attracting and retaining new customers. To succeed you need to get off this crazy customer acquisition treadmill and align the 3 key drivers of profit within your business.
If you are like most business owners then you are chasing new customers. You are spending your hard earned profits to attract new customers. The problems is the ones you are attracting are not sticking around long enough for you to really build and grow your business and profit.
What is the Customer Acquisition Treadmill?
At Grow Your Profit, we developed the term Customer Acquisition treadmill to reflect this situation, simply because for many businesses have worked hard to attract new customers but have basically ended up where they started from.
However, it does not have to be like this. One of the issues is that business owners have been blaming marketing for this situation. A number of business owners are telling me their marketing efforts are less effective. They are struggling to get through the noise in the marketplace and have their business stand out from the crowd. Sound familiar?
Does Your Business Have a Leaky Bucket?
The real issue is that we have a leaky bucket. Unless we address the right problem, we will continue to see the bucket drain to the lowest leak. No matter how much work we do.
Let me ask you a question. On a scale of 1 to 10 how likely would your customers be in recommending your business to their family, friends and work colleagues? If you said 8 or less then you have a problem and we need to talk. (If you said lower than 6 we have a bigger problem!)
Customer experience is becoming the new battlefield for attracting customers. The reason for this is that you are dealing with people’s aspirations. When you do, then price is not the factor they focus on. In fact, they are happy to spend more when they have a great experience. And here lies one of the key problems within a business.
Most customers leave a business because they had a poor customer experience. Hence this is one of the leaky points in a business. Unless you address this leaky point you will constantly get leakage and stay on that rotten, heart wrenching treadmill!
The Grow Your Profit system
The Grow Your Profit system aligns the three drivers profit to grow a business. These three areas are:
- Great customer experiences.
- Effective marketing – to attract the right customers. You cannot make a silk purse out of a sow’s ear and you cannot grow a business with the wrong customers.
- Awesome offers – these need to be attractive enough to constantly have your customer coming back to buy and profitable that you are building your business, profit and overall wealth.
The Grow Your Profit system was featured in a best selling book, “Think Big. How to thrive in life and business in a rapidly changing world.” You can download your free copy at this link. http://www.growyourprofit.com.au/think-big/
Conversely you may want a more personal approach. Please contact me on 02 9081 96435 or 0438 474 758 so we can schedule a time to discuss your business and how the Grow Your Profit system can help increase your high spending loyal customer base.