How To Survive & Thrive In The NEW Economy

• “The Old Economy Is Gone, Shattered Forever… And It’s Not Coming Back” – Dan Kennedy
• What Are The Demands Of The NEW Economy?

o Service Has Gone To Hell.

o Salesmanship Has Perished.

o Total Lack Of Differentiation

• Survive & Thrive Tactic #1: Focus On Your Current Customers

o “It is 6 – 10 times more expensive to acquire a new customer than it is to retain an existing one.” – CRM2DAY

o Define Your Ideal Customer: Demographics, Psychographics, Buying Behaviours/ Patters, R.O.I.

o Clone Your Ideal Customer

o Don’t Be Afraid To Fire Your Worst Customers

o Ask Your Customers What They Want & Then Give It To Them (i.e. Referral Survey Form)

• Survive & Thrive Tactic #2: Reduce Customer Attrition

o It’s A Serious Threat During Economic Downturns

• Reduce Purchasing Frequency

• Switch To Lower Cost Providers

• Cancel Services Entirely

o What Is The Secret To Reducing Customer Attrition?

• Create A Painful Disconnect

• Customer Service:“87% of respondents said good customer service influenced their decision to do business with a company again.” – CRM Magazine

• Be Customer Service Centric

• Empower Your Staff To Solve Customer Service Issues

• Maintain High Levels Of Employee Satisfaction (i.e. Employee’s Are Just As Important As Customers Program).

• Be Positive

• Survive & Thrive Tactic #3: Sell More To Your Current Customers

o Create Bundles, Packages, Memberships, etc.

o Institute Continuity Programs

o Raise Your Prices

o How Does This Tie In?

o Offer A Premium Priced Product

• Survive & Thrive Tactic #4: Leverage Your Customer Relationships

o Offer Incentives To Your Existing Customer Base To Refer Their Friends, Family, & Associates

• Low Cost Gift Ideas vs. FREE Gift Ideas

o Use Endorsed Mailings With Customer Evangelists & Passionate Advocates

o Institute A Referral Program

o Tell Them That Your Business Is Based On Referrals From Great Customers Like Yourself

• Survive & Thrive Tactic #5: Make Marketing A Priority

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