Scaling Through Loyalty

Yesterday we spoke about pricing to help drive growth.

Today we can talk about increasing the volume of purchases.

Now when it comes to growth by more purchases, many business owners automatically turn to advertising and trying to accelerate customer acquisitions.

Of course, having a constant pipeline of high qualified prospects is important.

And keeping that pipeline moving often keeps us up at night.

But what if I were to tell you that the majority of businesses that scale and grow to become leaders in their segments and then sell for top money often grow a different way.?

In fact, 80% of their growth ends up coming from existing customers.

Customers they have treated well, nurtured, built relationships and often turned into passionate fans and advocates.

It’s like a sports club with a passionate fan base.?They sell out their season ticket packages year on year often with little to no advertising because the existing fans keep renewing.

And it makes sense when you think about it.

Your existing customers know you and often trust you.

You can ask them directly in an email to buy from you and they do.?You don’t need to tell them why they should buy from you or educate them on the value of what you stand for and provide.

And yet…many of us reverse the 80% equation in our heads and throw 80% of our energy and investments in trying to convince strangers to buy from us, while neglecting our friends.

How often do we see businesses shower their sales with all the cool toys but customer service is seen as a luxury and best to be outsourced elsewhere.

It’s as if you had a business with 100 customers and you want to grow the business 10%.?

Would it be easier to find 10 new customers from scratch? If so, Where would you advertise??How much would you have to spend? How do you qualify the leads?

Or

Convince 10 existing customers to repeat their purchase or buy another product or service?

How much would you have to spend in both scenarios?

The answer is why classic direct marketing was always willing to break even or even take a loss on an initial transaction to get a customer in the door.. and then make profits on the repeat purchases and long term relationships.

What is your ratio of revenue from new to existing customers?

Have Your Business Give You The Life Your Desire.

In as little as in 6 weeks with Socratic Scaling.

Stand out from your competitors, free up hours in your day, and position yourself to successfully step back or sell at the top.?

Message me and let's have a virtual coffee and chat (or real life one if close by :)