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CHAPTER 6 HOW TO GENERATE MILLIONS IN SALES & PROFITS

spending so much money and time to acquire them in the first
place, you must spare no expense in ensuring that they become
a lifetime customer, providing your business with continued
revenue streams for the rest of their life!

Highly profitable business never only think of the first sale
that they receive from a new customer, they think of what they
make from the customer for at least the next five years. Hence,
they spend at least 40% of their marketing efforts getting their
existing customers to come back and the remaining 60% on
acquiring new customers. No matter what business you are
in, you too must think of your customers in the same way!

Begin By Building A Managed Database

So, how can you get started into tapping into this goldmine?
The first thing I want you to do is to create a database of
every customer who buys from you. Give them an incentive
(e.g. like a free gift, special customer privileges) in return for
their personal data. Besides the usual personal data like their
name and contact information, find out their birthdays, their
children’s birthdays and even their anniversaries. With this
information, you now have the power to achieve exceptional
customer relationship management.

Next, begin tracking the percentage of first time buyers who
return to your store. Is it 10%? 20%? 50%? Also, begin to
track the number of times these customers return on average.
Do they buy once a month? Or do they buy once a quarter
or once a year? Once you have this information, you can
then begin to use the following strategies to increase your
customer re-purchase rate and add a huge amount to your
bottom line.

186 SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES