Parnershipping for life!

Do you think that lifetime parnerships are important in business?

Lets start with the numbers cause numbers never lie. Don't worry it isn't hard math at all. You should do this math if you are in business though. Do you already know what the lifetime value of your customer is. If you do you are way ahead of most others in business. Here is the equation LTV = average customer spend with you per year X 20 years. You can adjust the years if need be but on average you should calculate keeping your customer for 20 years.
I have done this with a few freinds to find out the LTV (lifetime value) of their customer is.

Joe (realtor) Average of transactions = 4 over 20 years average of $25,000 commission per transaction 4 X 25,000 = $100,000 is the lifetime value of his customer.

Nick (Chiropractor) His lifetime value of a customer was aprox $30,000 and his prices are below the standard rates (they even have family plans)

Sam (waitress) Tips only was on $35,000

If you do the math you know how much it is worth to you to keep that customer for life, rather then just hope and pray they do business with you again.

A friend of mine tells a story that is a great example of why you need to treat everyone you meet as a customer and a lifetime friend. I will not give all the details here but you can call and hear his story recorded @ (212)990-6793.
The abreivated version is his house was being broken into while he was out of town(he travels alot). He has met many of security systems salesmen over the years. Not one had stayed in touch with him. So when he needed a security system in his house what does he do. Goes to they yellow pages. Just think if one of those salesmen that he had met previously had took the time and sent a keeping in touch card he would have used them. Instead the first number he called is now recieving $40 per month from him. If you do the math you find that for a little time and maybe even a few dollars a year you can gain that customer even if it happens 2 or so years down the road, like in the case of my friend.
In conclusion I think you know how important the constant communication and relationship building can be to your business. Yes it takes a little time and a small cost, but by not doing it you will know the detrimental effects that will be in store for you and your business. Examples are real apparent in this economy just look at the custruction indusrty as well as the car industry. Your customers can not be taken for granted and you need to work on every relationship you ever encounter.

Appreciate someone today!
Give them an awesome day!
Jody

Appreciation and asking for a referral.

You know that you want to let your customers know you appreciate them and their business.As you show your appreciation you should expect the same from your customers.
When they call to say thank you or when they let you know you've done a good job for them ask them to put it on paper or better yet get a recording or a video of them and thier testimonial or thier appreciation.Use it in your marketing and if you put video posted online then send them a link and encourage them to share the video with their friends and family! Bonus (This gets them reffering you.)
They are the star of your video, just think how you might feel if your testimonial was published on a website of a business where you frequented. In doing little things like this it makes everyone a winner. You have your testomonial for your business. They feel like a star and that they and what they think is important to you. It all comes down to the relationship. A question I suggest asking yourself regularly is " How can I show my customers I care and that I want them to be by Best Friends?".
In conclusion you know that your best referrals are the ones you recieve from your customers to their friends and family. You should make referring you as easy as possible for them and don't forget to ask them to. 92% of people say they would give a referral, only 5% are asked.

Have an awesome day and Give someone an awesome day too.
Jody

ps. Another idea send a few post cards to your customers with postage paid with their testomonial on it and ask them to send them to a friend or family member.

Taking your appreciation marketing to the next level.

We know that everyone has the desire to be liked and appreciated and we know how valuable a "Thank You" is, but how inmportant is staying in constant contact with your customers?
Well sudies show us that for every month your not in contact with your customer you lose 10% of your influence. That means you must make a considerable effort to stay in contact with your customers each and every month.
There are a few different ways to accompish this. Some are free but take a considerable amount of time. Some of the low cost ones can make it happen with just seconds of your time and even automate some of the tasks.
First lets look at a phone call. I have a friend that has a small business that they actually employ a person full time to make phone calls and send cards to their customers. A quick side note her business was up 25% in this down economy and her industry is way down. (housing and remodeling glass) Maybe it just isn't in your budget to pay a full time employee to do this. Don't worry there are still options.
Email is cheap, but it may be a trick to get your email opened. Only 5% of emails are opened. 17% of newsletters are opened. So I would suggest a optin newsletter if email is your choice. Education is key. ALWAYS try to make it as personal as possible! Remember you want to build a relationship with your customers.
Last is by far my favorite, it is real easy to make it personal. And if you are able to use pictures you have the ability to make it even more personal and make it market for your business for years and years to come. (I call it refrigerator marketinging which I will cover in a later blog.) It is greeting cards, it is an old industry but when you go to your mail box and you see an envelope in the shape of a card hows it make you feel. Then you open it and if the card has been done right(without advertising) You feel special and appreciated. Your cusotmer is no different. You have a personal relationship with this person. By sending cards like this you bocome theirs. Whan they are talking with family and friends you are their photographer, their plumber theie ________.(fill in the blank with your profession.) Now I bet you are understanding why the cards are my favorite by far.
I encourage you to put it to the test. See what it can do for your business.

Give someone an excellent day!
Thanks
Jody Ogden

Appreciation marketing, what is it?

Appreciation Marketing could also be called relationship marketing, because really the relationship with your customers is what will keep them comming back and doing more business with you. Studies show that a "Thank You" shortly after the sale even if just a phone call will increase buiness by 17%. A card is a great way to say "Thank you" and with some of the systems available today you can send a card with your own handwritting through the mail via the internet in less than 60 seconds.
The main reason that appreciation marketing is so effective is every human beings inate desire to be liked and appreciated. (it is actually the one thing that we all have in commmon) Its really about just being a caring person and letting your customers feel that. The old saying "it isn't personal, its business" is not the case anymore. Business is personal and people want to know you appreciate them and their business. People want more personal realtionships.
The #1 reason a customer leaves and does business with your competition is they feel been taken for granted. With most small businesses having to replace 50% of customers every 5 years, appreciation should be a major focus for all of us.
In summary it only takes a few seconds to show your customers that you appreciate them and their business, but these little acts of kindness will pay dividends a lot longer than you could have ever hoped for.
Thank you for your time. I appreciate your interest!