Do You Recognize the True Value Of One Customer?
Published by Daniel Macadar
Posted on August 31, 2015
The success of your business depends on customers, but why is it important to recognize them?
What is a customer?
A customer is an individual who has sought you out from among a sea of competition because your services, products and solutions stood out among the rest and perhaps has proven to be the best.
What is the value of one customer to your business?
In order to define the value of one customer to your business you must understand the lifetime value of that one customer.
Here is a thought to help you calculate the Lifetime Value of a customer without using a mathematical formula. According to research, new customer acquisition costs outweigh the costs of customer retention. However, research also indicates that many businesses seem to focus their attention and marketing efforts in acquisition rather than retention. Furthermore, it has been established that it is more cost-effective to keep an existing customer happy than it is to get a brand new one.
This is why it is so important to recognize your customers!
Remember, a satisfied customer can be a source of powerful testimonials, up-sells and referrals. Moreover, the new customer that comes to your business because she was referred will probably be a better customer than any customers you may get from through traditional advertising.
Acquiring that customer through a referral from an existing customer is actually of greater value to your business.
Our Customers Matter
At Michelson’s Trophies, we value our customers because we recognize how important they are to our success. And that is why during the month of September, we are celebrating our customers. It is our way of recognizing the individuals and businesses that have helped Michelson’s stand out from our competition since 1943.
If you, like us, want to stand out, feel free to call us today at 305-687-9898 to discuss how we may help you recognize those that are making your business a success.
By the way, we are Celebrating Customer Appreciation Month during the month of September. Please feel free to email Efraim@goawards.com if you would like to receive an invitation or simply click here (http://goo.gl/pKdqtO) if you would like to RSVP NOW!
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