What is the most important aspect of your business?
You may say the fantastic products or services you provide, the fabulous staff you employ or the nice shop or office that you have.
But the fact is that although all of those things are important, the MOST important aspect of your business is Your Clients or Customers.
“Well I know that” you say “that’s obvious!”. Yes it is obvious, and although most business owners “know” this, they do not take the actions to show this. You see customers in a business are pure gold.
In very simple terms, the only way you make money in a business is from a client or a customer. Without any customers, whether they are a business customer or an end-user customer, you would have no money and no business.
Many business owners focus on their product or service so much that they forget they need the customers to buy them, and sadly with no cash coming in they have to close the business down.
Have you ever worked out how much it costs you to procure (obtain) a customer? This is a fantastic task to do, and if you are serious about running a successful business then I highly recommend you do this. Because once you find out how much it costs to procure each client, you will value and respect each one of your customers a whole lot more.
Take your time to work this out, it doesn’t have to be exact, just an estimate is fine, but you do want to take the task seriously and give it the time to work this out.
Here is what you do: Work out how much you spend in a year; take last year as your example, on procuring clients. This includes advertising, marketing costs, signage, displays anything that you have spent on attracting customers to your business. Also take consideration of the time spent too.
Then work out how many new customers you got from incurring those costs. This is New customers only, not repeat customers. Take the total cost figure and divide it by the number of new clients and you have how much it costs to attract just ONE customer.
This exercise can be quite alarming as to how much you are actually spending on attracting just ONE customer, and once you know this figure you will never look at your customers the same again!
Am I saying to look at your customers with dollar signs in your eyes? NO! Absolutely not, and by the way that is one of the fastest ways to lose customers!
What I am saying is that if you value your customers, provide them with exactly what they want and need, and provide phenomenal service to them they will bring you the cash in your business that you need to grow and prosper.
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