We all know the value of repeat business and loyal customers. But let me give you another point of view. With all the small businesses I have coached and trained. I have seen a huge correlation between the levels of repeat business (loyal customers) and the levels of profit.
So, three things to do this week;
- Firstly, what percentage of your business is repeat business. Compared to new customers? Only when you know the number can you grow it.
- Break your past customers down using the 80:20 rule – who are the 20% of your clients who bring you approximately 80% of your profits/revenues? It won’t be exact, but it will be close.
- What are three simple things you could do today to get more repeat business? How will you ask your customers to come back more often, at higher values and with more loyalty?
Follow a strategic approach to your Sales & Marketing – using Lifecycle Marketing see: The Ultimate Guide To Lifecycle Marketing
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