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What's a Customer Worth? Take a minute to determine a critical marketing statistic: "What's the value of each of your customers over his or her lifetime?" Write down the answer and post it over your desk and share it with your employees. Why is this statistic important? Because the value of your customers helps you determine how much you might be willing to spend to acquire a new customer. And, just as important, it forces you to realize how much it costs you to lose a customer once you've got him or her! Federal Express is a company that focuses on the value of a customer. If a mid-sized company sells 30 packages a week (at $25 each), that's $750 a week, or $18,750 a year. If a customer gets angry over a $25 shipment and switches his business to a competitor, Federal Express loses thousands and thousands of dollars. That's why every Federal Express supervisor is authorized to grant a $100 refund on the spot, no questions asked, for any delayed shipments. A hundred dollars is a small price to pay to keep an $18,750 a year customer. To compute the value of a customer, answer these simple questions:
This number should be engraved on your forehead and you should share it with all your employees. It will help you focus on the critical elements of building your business. The Guerrilla Marketing Toolkit takes you by the hand to increase your bottom line. Not only will you learn What A Customer Is Worth, you'll learn everything you need to know to keep them happy once you've got them. Click here for the full scoop.
(C) 2007 Mitch Meyerson |
