If we have a proven way to ascend our clients...
We will be able to see our generated profits skyrocketing
The idea is simple and yet very powerful! However, we always have the mindset of having more customers or clients so that we can gain more revenue.
It is definitely not the only way!
What we can do, is to increase the lifetime value of our customers and clients. Focusing on the value that we can create while providing our products or services. Let our client to be able to see the value of staying engaged with us.
It is always costing 4 times more to acquire a new customer than to keep an existing customer. Moreover, gaining trust from new customer take us more time and effort than staying engaged with our existing customers.
Now, don't get me wrong.
I am not saying that we shouldn't look for new customers. We always need new customers. You should be looking to acquire new customers all the time.
However, we have to invest our marketing budget wisely.
What we can do, is we should be doing everything you can to sell more to your existing client base. How can we create more opportunity from our existing customers?
Every time we help our customers to solve their issues, there will always need problems or demand arise.
We should be ready and available to solve that, because if we can’t do that, they will find someone who can. Slowly, we will be replaced by our competitors.
As we move our clients up the value ladder, we have better justification to increase our prices.
It’s both an art and a science to put forward a package of our products or services worthy or a premium price. We have to figure a way to achieve that.
Business is a game of margins, NOT volume.
Higher prices, means higher margins.
The goal is to have achieve the highest maximum number of profits, and by achieving that, we can consider to go in depth to create values to our customers, instead of just "looking for more" customers.
Spending more resources, time, and effort to our existing customers for higher business return.
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