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How To Market A Business

It’s critical to understand that in most businesses, the greatest profits (and neglected profit potential!) comes from repeat and continuing relationships with those who have already shown their support by handing over money.

This is also known as TOTAL CUSTOMER VALUE — TCV — and it’s to your advantage to recognize and leverage ALL the opportunities that exist in selling more to your existing customers.

Here are just a few rules to keep in mind:

  1. A buyer is a buyer is a buyer. Some people in just like to spend money. Probably about 10% or so of your customer base is like this. You want to treat them like royalty!… and you do that by constantly giving them the chance to increase their happiness.
  2. It’s easier to make the 2nd sale than the 1st. Once they’ve bought from you they’re much more likely to keep going.
  3. If most of the customer acquisition cost is absorbed by the first sale, each subsequent sale is more profitable than the one before. This is a huge factor in your long term profitability!
  4. The most neglected High Probability Target Market is your past and present customer base. It’s a whole lot easier to convince them to make repeat purchases… especially if you’ve done a great job servicing them before.
  5. Customers welcome frequent contact and communication (they do not resent it). This is a huge mistake businesses in Florida make. They think they’re being annoying by staying in touch. In reality, not doing so creates distance and makes it easier for them to forget about you. Even if you haven’t heard from them in a while, it doesn’t mean they can’t be brought back into the fold.

Spend some creative energy on creating campaigns that reach out to long lost customers. You can accomplish this through a special offer or coupon, maybe a gift, or even a simple postcard saying “We miss you!”

The effort doesn’t have to be costly or complex… yet it can pay off big time!

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GKIC Palm Beach serves small business owners in and around Palm Beach, FL, Boca Raton, FL and Fort Lauderdale, FL