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KARON: True!
KEVIN: It is shifting
focus from making a huge profit from acquisition of a new customer to making your real profit from repeat business that comes from that customer.
KARON: So, give me some idea of what businesses this would work for.
KEVIN: Almost anything. Record/CD clubs. Easy and attractive to buy from them first time because they give you 6 CD’s for 99 cents, etc. They do it because it works and people come back and purchase month after month.
Contractors can make it a matter of practice that first job done for any new customer is done at a reduced price (practically breakeven). They make certain customer knows they are not making any money but that they do it to prove their ability and their performance.
KARON: And what about those who are just looking for a “deal”. How often does this backfire… you get a lot of one-time bargain hunters who never come back?
KEVIN: 80% of first time customers come back and continuously repeat.
KARON: OK, so I’ve made a decision to market this way. What do I need to do get those back end sales?
KEVIN: The concept is quite simple. You have existing customers that trust you implicitly. It is very easy to introduce them to additional products or services that give benefits to their business.
It’s important for you to recognize that, just because you have customers that are not buying from you right now, these people are still prime prospects.
How about record and CD clubs? Once you’re comfortable and are buying on a regular basis, they will introduce you to their video club or their book club.
Why? Because they know that many of their satisfied customers will gladly cross over and also start buying books or videos.
KARON: Where do we start?
KEVIN: Ask yourself this question, “What other products or services could I be offering my existing customers that would be a logical extension to benefits they gained from initial purchase?” To start, pick out a logical product or service, offer it to a small number of your customers and step back and see what happens.
A large number of your customers will purchase. That process alone is enough to dramatically increase your business.
KARON: Sounds very easy… and it makes great sense! Thanks, Kevin! I truly appreciate information.
KEVIN: It’s been my pleasure, Karon. Ask me anytime!
Be sure to visit Kevin Clark’s Web site for additional articles and special reports. He can be found online at http://www.GetProfitable.com.
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