The myth most business owners
believe: Too often I hear business owners
express how well their business is doing by how much their sales are growing. When I probe, I find that all their marketing
& sales efforts are focused on getting new customers.
Why this myth causes a problem: Making that first sale to a customer is the most expensive
sale you will ever make! It typically
takes more than five sales contacts with a prospect before they decide to
buy. All of these contacts are
The truth successful business owners
learn the hard way! Successful business owners know that yes,
sales are important, but what they need to focus on most is profits! And the most profitable sale is a repeat
sale to their current customer base.
It’s okay to have a marketing plan
to bring in new customers. But real profits are made by selling more to your
current customers. You can get a sale much cheaper by just calling them,
visiting them or sending them a targeted letter or email.
Once the business owner truly
understands how important their current customers are, they will do everything
in their power to keep a customer as long as possible. Studies continually show that most customers
stop buying from a business because they perceive that the business doesn’t care
about them. Finding ways to continuously
communicate to your customers how much you value them and why it is important to
them to continue to buy from you should be a crucial part of your marketing
Lesson learned: Concentrating on selling more to my current customers and
keeping the customers I currently have is the fastest way to increase profits!
Until next time, thank you for your
continued support and let’s make this year our most profitable year ever!