Last month explored internal customer relationships, including what really happens when internal relationships are week and unproductive. This lesson shares with you several ideas to develop buying relationships at a lower investment. Next week, you'll discover ways to see if you're wasting time on the wrong customers .
Before you get started . . . Can I ask you a favor?
You could be missing out on more than 1.2 gigabytes of unpublished articles , reports, manuscripts, and client interviews (more than 934 files) locked away on my computer. These materials cover building stronger business relationships, customer profitability, and even advanced topics in employee management.
Your opinion is sincerely desired; help me build out next year's editorial calendar? It's easy; just tell me what topics you want to hear about most . Just email your questions and comments about the challenges you face.
Since client work has kept me out of the office, your requests, questions, and challenges will be the best way to provide exactly what you want in the New Year. If there is anything else I can do for you, just write or call me at +1 (877) 207-3798.
Consultant, Author & Speaker
Ps. Interested in picking my brain? I'll be in Atlanta GA (USA) November 11th through 13th, then later traveling across Kinston NC (USA) late November, Washington DC (USA) late December, and Toronto (Canada) in January. Write for details.
By Justin Hitt, Strategic Relations Consultant, https://www.justinhitt.com/
How much does it cost to attract one new customer to your business? If you're like most executives, you'll exclaim, "Way too much!" You're right, it can cost five times more for a customers first purchase than it may for their second or third.
Of course, if you don't know how much it costs on the first purchase verses any subsequent purchases , then stop everything you are doing to calculate this important number. Is it possible you're spending all of your profits on a customer's first purchase? Some companies do.
In addition to knowing your cost per sale (both first, second, and by campaign), relationship building executives are keenly aware of their cost per lead . Are you spending too much attracting customers?
By understanding your base costs to attract new customers, you can start developing buying relationships for less. Here are some strategies to push down base acquisition costs:
Many companies are throwing their money away trying to persuade customers, when with the right system could attract buyers to their business. Even worse, smart executives will allow expensive sales and marketing campaigns without considering the cost against revenue generated. What's your cost per sale, how much does it cost you to acquire a customer?
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