(Because It May Not Be As Obvious As You Think!)
Of course every business owner and or service provider. Both on or offline. You and I regardless of how hard you/we try. Will occasionally lose a customer and or client. Every now and then, agreed?
This is to be expected. However, it’s when you and I take a closer look. Just below the surface. Then the long term hidden costs of losing a customer and or client. Start to become far more apparent.
Because it definitely goes a whole lot deeper. Than simply losing a single customer and or transaction, right?
Don’t Over Complicate Making More Money!
Right out of the gate. When your/our business and or service. For whatever reasons, permanently loses a customer and or client. You/we no longer have access to their capital, correct? So you/we can’t use it to:
1.) Pay our own bills. 2.) Meet payroll. 3.) Invest in cutting edge technology and or advanced coaching, consulting and or mentoring etc.
Not having access to their capital temporarily stunts or could potentially slow our ability to grow, right? Especially if their cash flow was subscription based. But the potential fallout definitely doesn’t stop there.
Because now, unless you/we’re pretty astute marketers and or promoting etc. You’re going to need to spend on average.
A staggering 500%. In order to replace, generate a brand new first time customer, correct?
There Are Definitely Some Proven Ways To Improve Your Cash Flow!
Just think about “how” much your/our cash flow position immediately improves. When you/we lower our refund rates! Or when you and get good at. Not great at utilizing proven automation.
So losing a current customer and or client. Means potentially increased expenses later on down the road. When attempting to replace them.
Plus you/we we also probably face additional increased advertising or promotional cost, right? It’s best to invest in some type of proven customer/client retention strategies and tactics.
Each time a paying customer or long term repeat client is lost for good! All of your/our money, time effort. Which went into the advertising, marketing or promotional campaigns etc.
It goes down the drain, does it not? The time and resources invested are also gone too. And if and when you do eventually replace them.
There’s no guarantee the new customer(s) and or clients will remain anywhere near as long! Or refer anywhere near as many referral based customers or clients etc.
It’s definitely in your/our best interest. To take a closer look at the ongoing hidden costs of losing a customer and or client. Don’t you agree?
Just Slowing Your Percentage Of Refunds And Lost Customers Increases Your Overall Gross Profits!
P.S. Now as is customary during this part of our show. Please share your extremely valuable comments (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
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