Wow your best customers is a new program to help you appreciate, attract and prosper better relationships with your customers.
Often we are always thinking about getting new customers, which markets can we tap into? What’s our marketing strategy this week? Why not take a look at the lifetime value of your current ones? There are many service-based businesses who totally rely on referrals to keep the revenue flowing, this arrangement relies on having great relationships with your customers.
Customer lifetime value:
The present value of the future cash flows attributed to the customer during his/her entire relationship with the company. This formula is often used for businesses who are relationship based. Customer lifetime value ($) = Margin ($) * (Retention Rate (%) ÷ ( + Discount Rate (%)] – Retention Rate (%).
Once you know what it costs you to get a new customer you will realize that developing a program to WOW your current customers is much more effective.
This Premium – Orgin came from the early 17th cent. (in the sense ‘reward, prize’): from Latin praemium ‘booty, reward,’ from prae ‘before’ + emere ‘buy, take.’
When we place a premium on our relationships, we tend to attach more importance or value on them. This is where our program can help you to achieve greater results or some will say a “Return on Investment R.O.I.”
There is a good article by Jack Canfield who discovered the secret sauce in having great relationships in business. If asked, “Could you name the five wealthiest people in the world or five people who have won the Nobel Prize, or the last five Academy Award winners for best actor and actress?” read the rest of the article.
Want to know how this program can work for you? Give us a call today! t: 408-624-9226.