I had promised to provide some tips on how luxury firms might want to go about pursuing successful (and sustainable) business strategies. A good friend of mine has a blog with some cool points for any business to follow. Welcome him to WordPress by giving him a read. I thought he had some good examples.
Countless research studies confirm that it costs a small business 10X more money and resources to attract a new customer. So why do most small (and many large) businesses continue to focus solely on new customer acquisition? It’s like having a cow farm and not building a fence around the field to keep them from running away! Small business owners should focus on three critical areas:
1. Creating marketing systems that attract highly qualified prospects
2. Creating sales systems that convert those prospects to customers
3. Creating nurturing systems that WOW current customers so they not only buy again but also recommend your products and services (this is where the majority of businesses fail)
When a prospect becomes a customer, the following should automatically occur:
The prospect is updated to a client in your database>the customer is segmented based on profitability to your company (Gold, Silver, Bronze)>each segment (Gold, Silver, Bronze)…
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