You’re Missing Out on HUGE Profit Increases!
Only a handful of SME businesses ever tap into future sales from existing customers. Those who do reap massive profit increases with very little effort, but like all strategies it takes time, education and patience to develop them.
Virtually every business can benefit from keeping in touch with customers who have bought from the business previously. Many would argue this point, with some businesses only selling a high dollar product or service to a customers who rarely ever come back again. This situation would exist for businesses in the building industry, like kitchen, bathroom renovators, home builders and more.
So first of all let’s look at these industries because if we can demonstrate value in these businesses keeping in contact with previous customers any business can!
Years ago a client of Business Building Mentors in the kitchen renovation industry was assisted with various sales, marketing and management strategies. One of these – measuring – tracked all inquiries and sales to see where all inquiries were coming from and how many turned into paying customers.
Before we talk about the measuring results you need to know the background of the business.
This business had been operating for over 8 years, it was in Sydney about 15km from the city centre. It was turning over about $1Million a year when my client purchased it.
By measuring inquiries and sales over the coming months the owner was stunned to see about 10% of the turnover of the business came from “repeat” customers. – i.e. customers who had bought a new kitchen from the business previously, possibly quite a few years ago. This was worth about $100,000 to the turnover in the year.
Its hard to imagine getting repeat business from a kitchen renovation company as the average number of people who have ever paid for a kitchen renovation is probably a lot less than 1.
From this (and other similar measured outcomes) it starts to become obvious of there are great benefits in marketing to previous customers – for any business!
Strategies to market to previous customers are many in number and which strategies you should use depends a lot on the type of business you are in. Retailers would use different strategies to market to previous customers than service businesses and different retailers depending on what they sell would benefit from different strategies.
Here are some interesting facts on this discussion to help convince you of the power and need of this opportunity…
FACT 1:
All top marketers agree, it costs up to 6 times more to obtain a new customer through advertising than it does to sell to a previous customer to win sales from them again.
FACT 2:
Birds of a feather flock together and so it is with customers. Types of customers refer similar types of customers. For example price shopper customers refer price shopper customers. Value/quality orientated customers refer value/quality orientated customers.
FACT 3:
Small businesses have made up to $5,860 in two hours from previous customers thanks to strategies developed with clients of Business Building Mentors.
FACT 4:
The success and sales income of marketing strategies to previous customers is only limited by imagination and skill.
What strategies could you by using to market to previous customers? That’s the BIG question you need to answer. As it costs up to 6 times less to win sales from previous customers, are you paying a small fortune to win customers from advertising dollars and possibly losing money because of the cost to buy them, even before you conclude the sale?
Included in future sales are referral strategies.
Using FACT 2 above you can ask everyone who buys from you to refer people to your business. Take it to a higher level and you can offer your customers a gift to refer friends to your business.
EVERY business can do this strategy, but how many do? There you go again, wasting money on advertising when you don’t need to!
This gift for referring a friend is called a Pro Active Referral Strategy.
Business Building Mentors has seen incredible results over the years from teaching this strategy to SME clients. An internet service provider boosted customers by over 80 in a month using it. A mortgage broker business increase its turnover by 50% in 6 months using this strategy. A bathroom renovator increased sales by 15% using this strategy. A picture framer generated over $3,200 in sales from repeat customers coming back – in a week – from this strategy.
The list goes on and on.
This article is just a short introduction to the power of marketing when an expert reveals how to unlock your profit potential in your business.
All too often business owners struggle with the big subject of marketing. They think its just about advertising, when its so much more. Selling skills is a part of marketing, as is pricing, websites, offers in advertising, wording, imagery and much more.
Of course marketing is hard when you’ve had not training! Anything to do with business is hard when you’ve had no training. You spend 4 years or more learning your trade or degree long before you go into business is great so you know what to do when you get a customer, but what are you doing to get a customer? Is that as equally as important as being able to do the work after you get a customer?
Marketing is something business owners don’t get trained in, so of course its hard. It takes many years of learning, study, testing and measuring before you will become good at marketing and when you do, you won’t have any troubles getting all the customers you need or want. Is that worth the effort to learn?
Marketing skills give you the incredible ability to charge more than your competitors (or more than what you do now) . If you can charge more and still obtain sales, or increase them your profits go ballistic! Is that worth the years of training to then benefit from?
You can spend those years getting the training, by spending thousands on marketing information from all over the world, or you can take a BIG shortcut to learn marketing.
Would you prefer to take a shortcut and learn how to make HUGE profits quickly?
Then here’s what you need to do…
Get in contact with Business Building Mentors through this website here – www.7stepstobusiness.com.au/contact.php or register for the Free Business Seminar to find out how simple marketing strategies can make you huge profit increases, rapidly!
Business Building Mentors has helped SME businesses to make millions of $$$ since 1997, so we’re the experts you need to see to shortcut your journey. You might be wondering about the cost, don’t. You can spend thousands on advertising and lose it all effortlessly, or get the education for knowledge and power you can use for years. How do you call that a cost?
Business Freedom contains hundreds of proven strategies to increase your profit and the majority of them cost you ZERO to implement. Would you like thousands of $$$ more profit without spending a cent? That’s what Business Freedom and Business Building Mentors has been achieving with hundreds of clients for years. Why not you!
Get started NOW. Register to attend a Seminar today, or contact Business Building Mentors on 1300 778 322 (1300 & STEPS). You’ll be so happy you did 12 months from now as Business Freedom (the ultimate business management training course) will change your business and LIFE!