Page 138 - 100 Great Business Ideas: From Leading Companies Around the World (100 Great Ideas)

Quick Ideas 108 to 110

Epilogue

Perhaps the greatest payoff of the hulk and bulk prin-
ciple is that it establishes a visual memory connecting your
company with a specific item. So when the customer needs
it tomorrow, they will remember you today.

110

It’s All About Value

If you want to get your coworkers to see the value of a

prospect, talk to them in terms of a customer’s annual spend-

ing and how much they could be worth over a lifetime. It

gives your employees and staff an entirely new perspective

on that prospective customer. For example, one executive

found that his average member contributed $550 in gross profit

to his association each year, and that the average member

stayed a total of 6 1/2 years

Assignment on their membership roster.
That adds up to $3,575 per

Teach your associates customer! The association

the value of long-term cus- quickly learned they could

tomers. You can delight your really invest in landing that

long-term customers by do- prospect. In fact, they could

ing extra little things to show afford to spend an entire

your appreciation. Enhance year’s profit on recruitment

the value of your business by because they would make it

adding extra benefits. up in the long-term.

137