How do you define success on a daily basis within your company?
There’s a famous quote by the late, overly eccentric, Insurance Tycoon W. Clement Stone who once said, “small hinges swing big doors!”
The small incremental changes in your business will often reap the largest profits in the long term. I have made suggestions to both clients and prospective clients that should be obvious or just common sense. Yet almost every organization I begin working with is not doing an effective job with the “small stuff.” When we make those small incremental changes, the results can be dramatic.
They’re not running reactivation campaigns directed toward former or lost clients.
They’re not setting up tripwires that let them know when client behavior is changing, or where best to invest their marketing dollars for the greatest ROI.
They’re not looking for ways to increase the average transaction size or to put referral systems into place to generate word-of-mouth marketing.
They are overlooking customer service issues or neglecting to address refund rates.
More often than not, businesses are spending their time, energy, and resources focused on attracting new clients through the doors, and that door can be VERY HEAVY.
Constantly acquiring new clients is important, there’s no doubt about it. A single new client can mean a lot to any business. Each new client represents an opportunity to shape and mold an evangelist who can spread the good word regarding your business everywhere they go. However, simply changing the way you view the value of every client, (including new clients, lost clients, past clients etc.), and how you market to them can rapidly change the financial future of your business.
Don’t forget to grease the hinges!