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Other Added - Are You Actually Trying To Profit From Your Marketing Efforts?
“It is not the strongest species that survives, nor the most intelligent, but the most responsive to change”. -Charles DarwinThe world today is changing faster than ever before. Technological developments, financial constraints, expanding markets, restructure and mergers, new philosophies and government legislation are all putting pressure on o
What if the automotive shop
Training in its broadest sense is the provision of information to allow someone to carry out an old task better or to learn to perform a new task. Yet training is often seen as an extra cost and therefore affecting the bottom line. When the business environment is difficult it can be one of the first costs to be cut.There is no denying that it d
Here is what I mean...
Automotive shops as an example...use an oil change advertisement as a "lead in" service to offer in efforts to obtain new customers. Not a bad idea at all...except when you try to profit from the oil change.
And many of them try to...
How many times have you seen a coupon in the newspaper with an oil change priced above $10.00 as a "special price?" I have seen a few too many...and with the exception of diesel vehicles and specialty vehicles...this price point is trying to earn a minimal $1.00 in profits so the owner doesn't feel bad giving the discount. Big mistake.
See my earlier posts for focused articles on retaining the customers you do have, as that is the least expensive and most profitable form of marketing.
But since this post focuses on new customer generation...
We should be focused on one primary thought here...
Lifetime Value of the customer. What is the value of a customer to your business over their entire buying cycle with you? How many referrals can your business earn from this customer? Using the example above...
What if the automotive shop
If you want to find success in various ramifications, be it in business or personal relationship, don’t punish yourself or others for mistakes, or blunders, or failures, instead encourage yourself.Kim Woo—Choong, founder and chairman of Daewoo, said, “One of my employee went to a casino and lost $10, 000 of the company’s money which would certaiers. Not a bad idea at all...except when you try to profit from the oil change.
And many of them try to...
How many times have you seen a coupon in the newspaper with an oil change priced above $10.00 as a "special price?" I have seen a few too many...and with the exception of diesel vehicles and specialty vehicles...this price point is trying to earn a minimal $1.00 in profits so the owner doesn't feel bad giving the discount. Big mistake.
See my earlier posts for focused articles on retaining the customers you do have, as that is the least expensive and most profitable form of marketing.
But since this post focuses on new customer generation...
We should be focused on one primary thought here...
Lifetime Value of the customer. What is the value of a customer to your business over their entire buying cycle with you? How many referrals can your business earn from this customer? Using the example above...
What if the automotive shop
IntroductionBefore some years there was no concept of readymade garments only custom made clothes were there. In economically backward families, the women of the family use to stitch the garments, and families from upper class get garments stitched by the tailors. The professional fit of the garment itself suggested the class differentiation.ve seen a few too many...and with the exception of diesel vehicles and specialty vehicles...this price point is trying to earn a minimal $1.00 in profits so the owner doesn't feel bad giving the discount. Big mistake.
See my earlier posts for focused articles on retaining the customers you do have, as that is the least expensive and most profitable form of marketing.
But since this post focuses on new customer generation...
We should be focused on one primary thought here...
Lifetime Value of the customer. What is the value of a customer to your business over their entire buying cycle with you? How many referrals can your business earn from this customer? Using the example above...
What if the automotive shop
“Thank you for calling XYZ Company. Your call is important to us but not important enough for us to answer it. Please hold for eternity or leave a message and a representative will contact you as soon as it is convenient for us.”If you’ve ever used the telephone to contact a business you can relate to the frustration that can result from voice articles on retaining the customers you do have, as that is the least expensive and most profitable form of marketing.
But since this post focuses on new customer generation...
We should be focused on one primary thought here...
Lifetime Value of the customer. What is the value of a customer to your business over their entire buying cycle with you? How many referrals can your business earn from this customer? Using the example above...
What if the automotive shop
So, we're heading for tough times! Why? Because if we are told something often enough (by opposition politicians, bankers, debt collection agencies, economists, your next door neighbor, taxi drivers, stock market analysts and journalists) we are going to believe it - it becomes a self fulfilling prophesy.Well, whatever the economic outlook - reaLifetime Value of the customer. What is the value of a customer to your business over their entire buying cycle with you? How many referrals can your business earn from this customer? Using the example above...
What if the automotive shop gave away their first three oil changes to a new customer? Most shop owners would cringe at the thought of losing the $50.00 in supplies and parts...and the total of $100.00 in labor over the three oil changes (at most). For a total of $150.00, you can cultivate a lifetime relationship with a customer by providing additional back - end services and products that will enhance the customer's vehicles (keep paying attention internet marketers).
And a lifetime automotive customer is worth a minimum of $3000.00 over a five year period to an automotive shop! So how many times would you like to trade $150.00 for $3000.00 in sales in your business?
My questions to you and your business from this post...and my challenges to you...are:
1) What is your "oil change"?
2) How many of this valuable service are you willing to part with to gain critical new customers?
3) What back end services or p
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