Posts

Showing posts with the label business-advice

Rate Your Client Value Meter

Image
You’ve likely heard that it’s less expensive to  retain  an existing client than it is to  acquire  a new one, right?  Believe it or not, it’s a pretty notable difference… The first sale always takes more time, energy, effort, and investment. Acquiring a new client can cost up to  5X more  than retaining or growing an existing one.  Plus, there’s an increased success rate of selling to a client that has previously bought from you… A 50% increase!  So why do so many companies get so laser focused on attracting new clients that they essentially ignore their current clients?    To understand better, let’s first get crystal clear on what  client value  is… Client value  is the level of satisfaction your clients feel towards your business. It can be calculated in several ways, but for this particular case let’s think of it as how much are they spending with you year-over-year.  As far as cost of acquisition vs. the cost of retaining. If you’re always burning through ad revenue and other acq

If you build it, will they come?

One of the biggest misconceptions about lead generation funnels is  “Build it and they will come” .  A lead generation funnel is not a field of dreams… (And this also applies to every other kind of  funnel) .  I am always shocked by how many business owners really struggle to make their funnels profitable. In most cases, they’ve encountered these challenges because they haven’t applied the same marketing principles to their funnel that they normally would apply to any other marketing strategy.  I see it all the time. They spend all their time, energy, and money adding all the extra bells and whistles to the funnel itself, and they forget about the basic needs that  must be met  in order to attract and reach the right target avatar.  Back in the day, I admit, I was guilty of this too! I used to think the more complicated it was, the more successful it would turn out to be. I literally tried to automate every component, and add every “frill” I could, and guess what?  It was only when we 

Belief, commitment, and the wheelchair from Israel

Image
Do you remember your real first sale? You know, that  pivotal first sale  that ignited your passion for service through sales?  I remember mine like it was yesterday. It was the beginning of summer vacation and I had just arrived in Florida to visit my grandparents. Ever since I could remember, I would spend every summer break with my grandparents, and when I became old enough (4 years old), I would work right along side my grandfather in his business.  My grandfather  (who sought out to become an Entrepreneur at 50 years old)  built what at the time became the largest orthotics, prosthetics and durable medical equipment company in the southeast United States.    My grandfather had me cleaning wheelchairs, hospital beds, and filing. Everything everyone didn’t want to do, I did…Including cleaning the bathrooms. As I approached 12 years old, I started working with customers on the showroom floor. The summer I was 12, my grandfather told me that he wasn’t going to pay me an hourly wage  (