If you're in network marketing, direct sales…or traditional selling and you were asked, “Would you like to know how to sell more to less people?”, your answer should always be an immediate YES.
Here's a little detour hint for you that read this and are in traditional sales or trying to get into a high paying sales career. When they ask you WHY you want the job, make sure you tell them “because I want to make a lot of money and be the top earning sales person on your team!”
That's the kind of language that makes Sales Managers and other high level sales executives very, very happy! It's magic to their ears!
And…it works the same here in network marketing. You ought to be doing everything you can to increase your skills, make more sales, keep your current customers…and create an opportunity to grow from it.
What are you doing right now to increase your “Customer Lifetime Value”?
Tell me specifically.
What is it that you are doing to make sure your customer stays with you, continues to buy…and always has nothing but good stuff to share about you and your product?
If you can't answer that question easily…then you need to change a few things so you know that what you're doing is ADDING to your Customer Lifetime Value, not taking from it.
CLV…or Customer Lifetime Value is the value a customer brings to you over the “lifetime” of them doing business with you. A one time buy isn't a customer…it's a sale.
The BIG win is in having a very high Customer Lifetime Value and an low customer acquisition cost.
Without getting super technical…if it costs you $40 to get a customer and they buy $30 in product from you over their lifetime, that's not good.
BUT…if it costs you $40 on average to gain a customer, and they end up spending $300 with you over the lifetime of doing business with you, that would make good economic sense.
Here's the bottom line for you to understand. You want to do everything in your power to increase your Customer Lifetime Value.
Knowing why they stay is important.
Understanding the reasons they leave is very important.
What do they love? What do they despise?
You don't need to be out there doing a research project here. I'll keep it EASY for you.
One very simple way to KEEP more of your customers…and increase the Customer Lifetime Value is to communicate clearly with them.
The better you are at communicating with your customers and making sure they are super happy with their experience, the better off you are. The more they feel valued and important…and well taken care or, it all contributes to an increased Customer Lifetime Value.
WE invest so much time, effort and money to acquire a customer…my goodness, we should be doing everything in our power and then some to make sure they stay!!!
How can I make this person a raving fan of our product??
How do they feel about me as a person?
How do they feel about our company?
How strong is this relationship I have here between me and my customer?
I'd suggest asking yourself a few questions and see where you're at. Communication is a contributor factor in customer satisfaction and longevity. Remember that.
What you do AFTER the sale is far more important than everything you do leading up to it. Listen…all that you do leading to the sale, yep…SUPER important. But, the reason the POST SALE follow up is of higher value is this. You don't want to lose what you spent all this effort on getting!!!!
So…follow up AFTER the sale is HUGE. Your communication, you SERVING them…make sure you do it.
Your job is to help them have an amazing product experience…and help them to understand that you do deeply care about them having a powerful and positive product/service experience, and that they're not simply dollar signs ringing in the center of your eyeballs.
When you clearly communicate, super-serve and really step up that product experience for your customer…it's easy to get referrals, and to get them sampling other product offerings you might have.
A highly satisfied, super happy customer is good! Really, REALLY good!
Don't be a “ball dropper” on your follow up. You won't get more business ever. Just like the realtor who sold me the house I currently live in…never heard from her. She'll never get another dime of business from me. I love to use her (not by name) as an example of what NOT to do when it comes to follow up and communication with someone you've just done business with in your company.
Lifetime Customer Value increase dramatically when you show them through your actions how valuable they are to you!
Go get 'em!
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Todd Falcone speaks and trains on the subject of network marketing success and helps people move to a position of achieving Network Marketing Mastery®. He also consults network marketing company owners as well as coaches and trains top-level distributors throughout the profession. Todd is a husband to his wife Carla, and a father to his two boys Gianni and Joey. He’s a surfer, a skier, a golfer, and loves to fish and play in the outdoors. Start accelerating your network marketing business today, download Todd's latest CHEAT SHEET on this page.