Last updated on April 9th, 2021. Posted in Increasing Business Sales.
One of the biggest -- if not the biggest -- challenges for businesses is what you could call "customer acquisition." That is, bringing someone from a cold lead to a warm prospect to a paying customer.
Here are links and resources mentioned in today's video. Enjoy!
For most businesses, that's a very expensive process...and for most businesses, this is their number one cost. Just think of how much money gets spent on advertising, prospecting, making the public aware that this company exists, and so on. It's very time consuming and very expensive.
And what do most businesses do once they finally get someone to buy? They squander the opportunity. They waste the potential. They blow their chance. How? By treating the customer as an ATM cash machine -- "Thank you very much for the sale...now never bother me again."
For most businesses, dealing with customers is a hassle...and customer service is seen as a worthless drain on time, energy, and other resources. Do you see the problem here? Actually, if I stop and think about it, there's actually a few problems:
1) Businesses are behaving as if only what they need -- immediate sales -- is all that matters. They have no concern for the customer's needs after they've purchased.
2) When a customer makes a purchase, really what they're saying is, "I trust you." The customer is saying, "I believe you when you tell me your product or service will fix my problems."
Yet once the purchase is complete and the customer is abandoned, that trust is forever broken -- it's like cheating on your spouse...once that trust is broken it can never be reparied.
3) It's incredibly shortsighted. Remember, business's #1 expense is customer acquisition. They spend the most time, energy, and effort getting a total stranger to say, "yes" and buy.
And once that trust is broken, which we just talked about, the business is back to square one, starting the entire process over, trying to find another complete stranger who'll say "yes."
I knew of a sales guy once who was absolutely horrible. Once he finally got a "yes" and had the customer's money in hand...he'd disappear. He wouldn't return phone calls, reassure the customer on their purchase, or provide any sort of follow up.
Guess what that did for his repeat business? He had none! He was so awful that no one would ever come back to him to purchase again. Last I heard he was struggling badly and nearly out of a job.
See, what most sales and business owners don't understand is that getting a second, third, and fourth "yes" is way, way, way easier than getting the first "yes."
The first "yes" is the hardest, most expensive, and most time consuming. And once you have it, if you treat your customers well, getting subsequent "yes's" in the future is easy.