Relevant Marketing LLC

Most savvy business owners understand that it’s important to maintain good relationships with their customers and keep them repurchasing for many years. That being said, most would be hard-pressed to give you a dollar amount if you asked them what the actual value of a lifetime customer is.  

 

Have you ever calculated the Lifetime Value of one of your Clients ??

Value of a Lifetime Client

I think this is important because once they knew this number, most businesses wouldn’t be so frugal & cheap on customer acquisition and retention, (hmm, perhaps a monthly customer newsletter?)

Jay Abraham, wrote an awesome book, Getting Everything You Can Out of All You’ve Got, and chapter 5, “Break Even Today, Break the Bank Tomorrow,” addresses this topic in a marvelous way. The following excerpt is from Jay’s book.

“The current lifetime value of one of your clients is the total profit of an average client over the lifetime of his or her patronage – including all residual sales, less advertising, marketing, and incremental product or service-fulfillment expenses.”

Let’s say that your typical new client brings you an average profit of $75 on the first sale. He or she repurchases three more times a year, with an average reorder amount of $300, and on each $300 reorder you make $150 gross profit.

Now, with the average patronage life lasting two years, every new client is worth $975. You could theoretically afford to spend up to $975 to bring in a new client and still break even.”

So let me ask you, when you see $975 as the value of a lifetime customer, doesn’t it seem a little silly to be so frugal in both your customer acquisition and customer retention efforts?

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Are you being attentive of the changing markets in your industry?

Be in tune to the ever changing needs of your clients and prospects.  You can’t fall behind the pack and expect to prevail.   Stay educated and be able to adjust seamlessly to the changing markets.  You need to stay equipped to be flexible and your business plan needs to be able to shift with the times. 

People are looking for options and you need to be able to anticipate their needs ahead of time and be there ready to provide them with solutions. When you become the go to person for your clients, you become the solution to their problems and the first person they think of contacting when something comes up. That is the ideal position to be in and when you can anticipate and predict changes in the marketplace, you become a valuable resource for all of the clients and customers you serve.

Lets close today with a great quote from a brilliant entrepreneur

John D. Rockefeller 

“I do not think there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature.“ 

To your continued success,

Your Team at Relevant Marketing
www.RelevantMarketing.org

In todays world of information we are constantly getting bombarded and it can be challenging to focus on just one idea or task and get it completed without an email, phone call or other interruption taking you away from your priority. Don’t let the daily distractions get you derailed……stay focused by putting in place whatever system works best for you. Whether its writing down a list, using some special software, time blocking, time chunking, turning off your phone, not checking your email, putting the do not disturb sign up, going to a library or quiet space for a few hours…….whatever you need to do to focus on a few important tasks, JUST DO IT. If and when you practice a daily routine of getting the important stuff done and make it a priority, the results will come quickly.  There will always be distractions and it can be easy to loose focus………but it only takes 21 days to form a habit and if you start by prioritizing your tasks today…….within 2-3 weeks you could see some amazing results. 

So if you are Having trouble prioritizing and producing results for your business?

 Begin thinking of the top 5 tasks during your day that will produce the most benefits/payoffs for your business.  Write these down at the start of each day and focus clearly on those during the first part of your day.   After a month, distinguish what is working and what is not and reevaluate. Just by taking action today you will start to see some results in short order……….

here are some words of inspiration from Stephen Covey………

“Once you have a clear picture of your priorities- that is values, goals, and high leverage activities- organize around them.” -  Stephen Covey 

Thanks for reading our blog posts,

Your Team at Relevant Marketing

Time is our Most Valuable Asset

A lot of businesses market and advertise their products and services in hopes to attract new clients, and yet still have trouble yielding any results. Before you begin spending your dollars on advertising and marketing, you first need to have your target market and demographics clearly defined. Once your market is defined then you can begin outlining your marketing campaign.

Without a precise understanding of this, your marketing efforts will be ineffective and ultimately a waste of your valuable time and hard earned money.

This quote by Jim Rohn really sums it up well,

“Time is our most valuable asset, yet we tend to waste it, kill it, and spend it rather than invest it.” – Jim Rohn

Thinking about the mere existence of time can really put everything into perspective. Time keeps a level playing field for all business owners and entrepreneurs. We all have 1440 minutes in a day and 10,880 minutes in a week. How we invest those minutes will have a direct result on our ultimate success or lack thereof.  A lot of people have been told and may think of time being money……..We have all most likely heard someone say that “time is money, you know” 

I am trying to point out that time is greater than money and is more a limited resource.

That is why I am referring to time as our most valuable asset. All the money in the world can’t reclaim lost time…….yet the entrepreneurs and professionals that use time wisely have made some serious money on account of time,  by using it wisely and leveraging it to their advantage. 

Those of us that understand this relationship will definately end up becoming more productive and hopefully more profitable but best yet…….We will hopefully have a lot more free time to spend with our families and loved ones doing things that we care about the most.

To your successful use of time

Your Team at RelevantMarketing.org