The Value Of Keeping Customers & Earning Referrals
Instead of spending big dollars you cannot afford to continually develop new customers, use affordable educational marketing tactics to build strong relationships that will get more business from the customers you already have as well as earn a higher level of referrals. In addition, educational marketing costs far less since it draws repeat business & referrals from your current customers.
In addition, business from your current customers tends to be much more profitable. Strengthening relationships with better communication by using educational marketing tactics will increase the amount of business your customers do with you and the number of referrals they give you consistently over time.
IT'S A FACT: At least Two-Thirds of your businesses prospective revenue (and referrals) comes from current, satisfied customers.
IT'S A FACT: Boosting Your Customer - Retention Rate by 2 Percent has the same effect on your profits as cutting your costs by 10 Percent
Have you ever figured what it costs you to get a new customer?
Why Educational Marketing?
Most of us don't do business with people we don't trust. Even if you have the lowest prices, if your prospect doesn't trust you, it will be difficult to close the sale. This is the basis for Educational or "Education-Based Marketing".
The lifeblood of every business is the relationship it has with its customers. Businesses with strong customer relationships grow and prosper while those with weak or nonexistent customer relationships struggle to survive.
In fact, if you don't establish a dialogue with your customers, you quickly risk losing the 19 percent who on average are somewhat dissatisfied with your service but don't complain.
Keep in mind, that simply by cutting your average yearly loss of customers by just 5 percent, you could add as much as 100 percent to your bottom line!
Pay attention! In these next few years, the most important thing that everyone in all professional service businesses will have to learn is "customer retention". Customer retention has been discussed a lot over the years. However, in the future it is going to become absolutely the most important ingredient in your marketing puzzle.