This is the question everyone of us think when we get up from the bed in morning. What are the probable answers.
- Should I increase the product line
- Should I raise my prices
- Should I increase geography of business in other regions
- Should I increase the number of customers.
I am saying all above are right. The most important thing we forget while we ponder above question, is that keeping what we have and not losing that till last breadth.
A great way to make more money is stop losing customers beginning with the next one you are about to lose.
What does it require? It requires accurately determining what a customer is worth for?
What is cost of replacing the customer really is?
Answer to above question can let you determine how much you are willing to invest in not losing the customer.
Once you decide what does it take to retain the existing customer then you decide keeping them, rescuing and recovery program of customer, then testing, evaluating improving again and again.
To win races you have got to hate losing.
You ought to hate losing customers.
Winning is not only sufficient motivational factor for long term success. Hate losing.