Do you know how much a customer is worth to you? If you don聮t you should. It results in one of the biggest breakthroughs my clients have.
Once you know what an average customer is worth wholesale jordan shoes authentic , one of the first things you聮ll notice is that there is likely more than one type of customer coming to you.
We reviewed the average value of a customer for one of my clients, discovered that there were at least 3 different types of customers, each buying a significantly different average amount, some were buying only one time, and others were becoming repeat customers. Now we could clearly define who these people were, how to find them, and decided that some were not worth our time wholesale jordan shoes from china , others were our ideal target.
One of my customers, a construction franchise, had only done $60K of business his first year. It went to $500K the next just by finding the right customer based on customer worth.
When we started looking at what his customers were worth to him, the first figure was $1,500, an average of all customers. Then we saw that there were groups of different customers, some buying less than $1 wholesale jordan retro shoes ,000, some buying $1,000-$3,000 and some buying well over $3,000.
The ones buying under $1,000 were the hardest to deal with and had the lowest profit margin. The ones over $3,000 were coming back over and over wholesale jordan shoes , had the best profit margin, and referring lots of other customers. Their total lifetime worth was approaching $10,000.
This company had defined their customers according to the national franchisor聮s suggestion, targeting a homeowner with total family income averaging $50,000. But the customers buying the most from them lived in a neighborhood where the average income was over $75,000. So, I suggested that they send their next mail only to those targets.
Another thing we saw was that the people buying less than $1 wholesale jordans kids ,000 were the $50,000 average income neighborhoods. The $3,000 customers were from $75,000 neighborhoods, and the higher the income the more they bought, the more they came back, and they made more referrals.
They stopped mailing low income zip codes; these also had a very low response to their previous mail. They started targeting only higher income zip codes wholesale jordans mens , and only to the $75,000 and up families.
The result: the immediate response was a 9 times increase in revenue on the very next mailing. The mail response rate went up 4.5 times, so they had 4.5 times more leads for the same dollars spent only a week before. And, those customers were buying more than twice as much. The total was 9 times more sales in just a week for a small change.
I聮ve seen this happen over and over as a company starts to define how much a customer is worth to them.
So, define your average customer worth. Then track the actual results and see if there isn聮t something you might learn from being able to segment your customers by their worth to you, total dollars on one purchase, total lifetime dollars wholesale jordans womens , number of purchases, etc.
Alan Boyer, PresidentCEO of The Leader聮s Perspective, LLC, is considered one of the world聮s leading breakthrough specialists. He has worked with some of the worlds largest companies, on projects in the multi-billion dollar area, and with single proprietor companies. He has worked on many hundreds of projects with companies that have resulted in multi-$100 million savings or gains.
With over 35 years of business wholesale jordans free shipping , quality, and process experience, he has catapulted businesses lightyears ahead in weeks. Some have doubled and some have jumped 10 times. He claims the key to that is:Helping the business ownersemployees develop the business skillsHelping them overcome the limitations and attitudes that they built between their ears (the self imposed limitations, I can聮t, this won聮t work for me, I聮m different)By helping them find the breakthroughs in their business and thinking
Helping companies worldwide reach further than they EVER thought possible. . . .FASTER
AlanBoyer@
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