There’s a lot of metrics that you can measure in your business. Most small business owners look at sort of the typical things like how many new customers, clients, or patients did I get, or what is the ROI on this or that marketing campaign? But those are short-term marketing metrics. There’s only one metric that matters in the marketing of your business, and that is customer lifetime value or CLV, because all of the other metrics, focusing on new customers and where they’re coming from, those are transactionally based. It’s sort of like a customer going in, a customer going out, a marketing campaign, a marketing campaign there. What you want to focus on is the long-term value, what that customer, client, or patient is worth to you over the long haul.
I work with a realtor who has really maximized the value of customer lifetime value. She has a lot of customers and clients, but she spends the majority of her time focusing on the top 20. We call them her sphere of influence, because these are the referral sources that are bringing her two, three, and four homes that get listed every year, and that means a commission of 30, 50, $80,000, so she wants to focus her time, effort and money on the referral sources that are bringing her the most bang for her buck. She does this by creating fun and unique experiences and staying front of mind. She’s at least every quarter sending something out to them, a gift that is personalized. She holds a quarterly get together. I’m actually helping her right now plan a movie event where her top 20 clients are going to come in and get treated to dinner and a movie, and it’s a unique experience that they’re going to take back and remember.
The message I want to get across to you today is don’t focus on all those short-term transactional marketing metrics. Yes, they’re important, but what is really important is focusing on the long-term value, your customer lifetime value, and the top 10% of your customers, clients, and patients that are going to bring you the most bang for your buck.
6 Days, 6 Simple Steps
Small Business Marketing Transformation Mini Course
I'm "Small Business Stacey" and I'm going to give you the 6 simple steps that can double - even triple - your sales. Are you ready to get your marketing into ACTION? Sign up below.
"Before working with Stacey I was a struggling realtor. Today I am the #1 producing agent in my area. I could not have done that without Stacey's marketing brilliance."
This is “Small Business Stacey“, your Small Biz Marketing Specialist, here to help your business grow to seven figures and more by helping you become a #SmallBizMarketingWiz
About Stacey Riska
Stacey Riska, aka “Small Business Stacey” is a serial entrepreneur who is passionate about saving small business and rebuilding Main Street. She helps small and local business owners become a #SmallBizMarketingWiz by teaching them marketing strategies that get MORE: MORE leads, MORE customers/clients, MORE sales, and MORE money. Stacey is the founder of Small Biz Marketing Specialist, THE go-to place for marketing tips, techniques and strategies that get results. Stacey is also the creator of the Daily Deals for Massive Profits Training Program, an online video training program that teaches small and local business owners how to use daily deal sites like Groupon to skyrocket their business growth and get massive profits. In this program she teaches from experience, as it was the key strategy that transformed her coffee and smoothie business from being $500K in debt to a 7-figure profitable business. When not saving the small business world, she enjoys sipping red wine, eating chocolate (who doesn’t!) and spending time with her amazing husband.
Stacey Riska, aka "Small Business Stacey" is a serial entrepreneur who is passionate about saving small - and not so small - businesses one marketing plan at a time. She helps business owners become a #SmallBizMarketingWiz by teaching them marketing strategies that get MORE: MORE leads, MORE customers/clients/patients, MORE sales, and MORE profit. Stacey's in-demand "Small Biz Marketing Success Coaching and Mastermind Program" is transforming the businesses - and lives - of those who want wealth, freedom, and market domination. Her highly acclaimed book "Small Business Marketing Made EZ" lays out the 6-simple-step plan to get your marketing into ACTION - literally and figuratively. Stacey is also the creator of Cups To Gallons, the place where independent coffee, smoothie, juice bar, ice cream, dessert and snack shop owners go to learn how get into lucrative catering so they stop selling by the cup and start selling by the gallon. In this program she teaches from experience, as it was the key strategy that transformed her coffee and smoothie business from being $500K in debt to a 7-figure profitable business. When not saving the small business world, she enjoys sipping red wine, eating chocolate (who doesn't!) and spending time with her amazing husband.
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