fbpx

Most marketers only focus on customer growth. Good start, but not good enough.

American marketing guru Jay Abraham outlines three levers to growth in business:

Get more customers

Get customers to spend more

Get customers to spend more frequently

And I’m adding a fourth, get customers to stay with you longer

Most of today’s marketing focus lies on acquiring new customers.
Sounds good, right? Get more customers, grow the business.

Not always.

Take a Telco I’ve worked with as an example. They have been successfully focusing on growth and acquiring many new customers, but they struggle to grow EBITDA. Their cost of acquisition is $600 per customer, but they only make $200 per customer every year and customers are signing into a two-year contract. They need to keep a client for three years to make money; many customers leave when their initial contract period is over as there is another deal in the market.

Take a moment and let that sink in.

When we started working together we focused on converting customers into profit.

How?

Two things. We identified how to turn customers into Raving Fans and bundled services so customers would increase their spend while getting marketing leading value. So they got their priorities straight, and the profits came.

Sound like a familiar problem to you?

I have a solution.

My simple 3R’s Framework:

Repeat: upsell and cross-sell

Retain: increase customer lifetime value

Refine: simplify your offerings

Want to read more about it? Download a copy of my eBook about the 3R’s Framework here. 

https://marketfit.co/unlocking-hidden-customer-profits-ebook/

KS

 

Get Access to Market Fit's Free Resources

Enter your name and email for FREE access to all the Market Fit resources

Gain free instant access to this Training

You have Successfully Subscribed!

STAY IN THE LOOP

Sign up to Market Fit’s mailing list and every week you will get an email with success case studies, insider interviews, cutting edge tactics, news from around the web and general musings.

You have Successfully Subscribed!