Nov. 4, 2024

The Art of Client Retention and Increasing Frequency of Sale

Businesses spend thousands of dollars chasing new customers while ignoring the goldmine sitting right in their customer database.

Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio...

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Businesses spend thousands of dollars chasing new customers while ignoring the goldmine sitting right in their customer database.

Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com January Jones Sharing Senior Success is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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The topics and opinions expressed in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Welcome to Powerful Business Strategies, where you will find out

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that everything you have ever learned about growing your business

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is wrong. Finally, a show where you'll learn the right

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way to grow your business by learning business and financial

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strategies that your competition isn't doing. And now here is

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your host. Resident of NeXTSTEP CFO Michael Barbarita and joining

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Michael for today's show as an executive moderator is chooky obio.

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Yes, this is shook in.

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I believe that gratitude is undefeated and growth.

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Is about the next step.

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It is an honor for me to moderate today's discussion

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with my good friend Michael.

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Michael, how are you excellent, Choky, how are you doing?

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I'm doing well. Yeah.

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Look I mean, Michael, this is our first show in November,

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the month of Gratitude, so I'm even more energized than normal.

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There you go. And as Jukie said, my name is

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Michael Baby, the president of Next Step CFO, and next

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Step CFO is a fractional CFO and strategic implementation firm.

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Our vision is to ensure overwhelmed business owners achieve the time, freedom,

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and consistent profits to build a legacy and the life

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they desire. Our mission to that end is dedicated to

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guiding small business owners to leveraging their time, exploding their profits,

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and build that meaningful legacy. This show, Powerful Business Strategies,

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and our book of the same name, is a step

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toward accomplishing that vision and mission. And so with that,

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I'd like to hand it back to my co author

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and moderator for the show, Chooky Obio.

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Michael, thank you look quite anergized by today's episode. It's

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titled the Art of Client Retention and Increasing Frequency of Sales.

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So before we.

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Really get into it, I believe Michael has quite a

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bit of insights prepared for us. In addition to that

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we have quite a few business owners coast to coast

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that are tuned in for today's episode, so it should

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be a really dynamic conversation. Quick disclaimer, Michael and I

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are both affiliated with a number of different organizations. I

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currently serve as the managing director of business Development for

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Veta Price, a global business focused law firm. Now, in

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addition to that, it's truly an honor for me to

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collaborate with Michael to moderate business roundtables and document best

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practices from those insights and roundtables as part of our

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book called Powerful Business Strategies. But please note that the

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views expressed today on this show are our personal views

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based on personal success stories and experiences and my mission

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as a fearless moderator to ask the right questions to

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help you the listener, learn the best strategies that the

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competition isn't doing.

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Michael, back over to you, Thank you, Chokey. So today

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we're going to talk about something that most business owners

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avoid pretty much, and that's keeping and growing their existing

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customer base. Now, we business owners, many times when we

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get new customers, unconsciously we think that we get to

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keep these customers by the fault Well, as you know this,

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nothing could be further from the truth. And you know

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what amazes me, Chucky, is that businesses spend thousands of

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dollars chasing new customers, to which we know from our

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show on the Journey that only one to three percent

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of any market and any time I'm ready to buy now.

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So businesses spend thousands of dollars chasing that one to

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three percent while ignoring the goldmine sitting right in their

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customer database. And furthermore, if you go back to our

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show at Powerful Business Strategies dot com regarding the seven

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step Pathway to Profit formula, you'll see that one of

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the things that business owners need to focus on is

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both clients retention and frequency of sale how often do

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they buy? Which are the subjects of today's show. So,

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did you know that it costs five times more to

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acquire a new customer than to keep an existing one

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And even yeah, and even more shocking than that, repeat

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customers spends sixty seven percent more per purchase than new customers.

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And then taking that a step further, once a customer

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buy from you, there's a thirty four percent chance that

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they'll buy something else. Yet most business owners chased new

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customers while letting their existing one silp away. And the

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thrust of this show is going to be about how

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do you how do you retain those customers and how

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do you get them buy more to buy more often.

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So a client of mine who owned a remodeling business,

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was constantly spending money on marketing to get new customers,

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but it's existing customers were only using him once every

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three or four years, you know, when they needed a

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major remodeling job done. And when we looked at his

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customer database, we discovered something that was really something. His

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customers were doing smaller home improvement projects every single year,

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but they were using his competitors. Why well, because he

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never stayed in touch with them after the big project

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was done. And this is what I call the one

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and done trap. What businesses think they have finished. You

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know that, you know, once the once they once they

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complete the sale, the job is finished. But here's what

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successful businesses know. The sale is just the beginning of

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the relationship. Mm hmm. So let's talk about three major

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mistakes business owners make with client retention. Great, yeah, and folks,

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these mistakes are costing you a fortune.

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It's interesting and Michael, before we jump into those three

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and I think folks are anticipating the powerful insights that

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you have with that.

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Why do we think business.

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Owners fall into that one and done trap, particularly small

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business owners.

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I think it's it's they they worry about getting to

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the next job, what's happening next, and they're not really

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looking at their business strategically and and saying, how can

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I only when only when all of a sudden those

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the phone's not ringing, Yeah, okay, and then they look

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at that possibility. But by then it's really you just

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it's a process. So the buyer goes to a journey,

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and there's a process associated with that. In the case

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of my client here with the remodeling company's it started

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when they did the first big job, but the clients

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never called them other than three or four years later

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when they wanted to do another big job. But all

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the little jobs, and by the way, a big job

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to that client was like, you know, a four hundred

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thousand dollar job and more. And but in the meantime

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they were getting fifty to seventy five thousand dollar jobs

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done by the competitor, which.

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Revenue impact, real revenue impact.

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That's exactly exactly it's really real revenue impact, and so

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they were let So the competitor was doing that work

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and it was you know it. The Once the client

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discovered that, it changed the game for them. So the

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first major mistake is that business owners don't track their

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customer retention. There's a customer retention rate, and that sounds basic,

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but I can't tell you how many business owners I

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meet have no idea what percentage of their customers come back.

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And they might know their total sales, they might know

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their profit margins, but they don't know if the customers

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they served in the last year are still with them

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this year. And there's a simple way to calculate that

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retention rate. So I'm going to say it once and

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then and then just repeat it, maybe in a different

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way so that you understand it. But the simple way

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to calculate your retention rate, it should take the number

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of customers that you had at the start of the year.

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How many customers did you did your service in the

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last year, subtract any new customers you gained during the year,

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and divide that by that starting number. And if so,

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if you started with one hundred customers, you gain twenty

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new ones during the year and ended up with eighty

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five total customers. Your retention rate was sixty five percent.

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That means you lost thirty five percent of your original customers.

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So let me walk that to you again, because I

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really think this is important. If you if you started

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with one hundred customers and you add twenty new customers,

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now you have a total of one hundred and twenty customers,

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but you ended up with eighty five. Okay, So when

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you do that subtraction of one twenty from the eighty five,

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you come up with thirty five. And because you started

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with one hundred, thirty five divided by one hundred is

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the thirty five percent of customers that you actually lost. Interesting,

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and this is where it gets really interesting because according

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to our research, just a five percent increase in customer

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retention can increase profits by twenty five to ninety five percent.

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So think about that for a minute. Remarkable. So if

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you're currently keeping sixty five percent of your customers and

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you improve that to seventy you can nearly double your profits,

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not revenue, but profits, and so retaining customers and increasing

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their average sale has an incredible compound effect. The second

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major mistake is that business owners don't have a systematic

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way to stay in touch with customers. And let me

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share another story. An HVAC business who only contacted customers

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when when their annual service was due. Meanwhile, their competitors

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were sending monthly maintenance tips, dies anal preparation guides, and

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energy saving suggestions. So guess what happened when those customers

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needed emergency repairs or wanted to upgrade a system. Well,

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they called the comp editor who had been providing value

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all year long, and he fixed this. This HVAC company

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fixed this by implementing what he called the value Touch system.

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Every month his customers received something valuable, not a sales pitch,

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but genuine, useful information, and he created a simple calendar.

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January was winter energy savings tips months, February was indoor

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air an indoor air quality month, March was a spring

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preparation checklist, April was the allergy season for HVAC maintenance,

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and so on. And his customer retention rate jump from

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sixty two to percent to eighty nine percent in just

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one year. But you know, here's what's really fascinating. His

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referral rate tripled.

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Why because he wasn't just keeping customers he was creating

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advocates other and these customers, even if they weren't buying

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something today, would tell others about it.

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Exactly what the value add touch points and maintenance tips.

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That's right, really, that's right. That's really critical. And the

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third major mistake mistake, which is the biggest killer of

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them all, is we business owners don't look for additional

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ways to serve existing customers. This is where most business

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owners leave the most money on the table. In other words,

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you must continuously look for ways to your point shooky

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to add more value. And let me give you an

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example from my own experience running ski Town, USA when

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I was in the ski business. Most ski shops just

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sell equipment and do basic repairs. What we should have done.

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We didn't do that. We just did what most ski

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shops did. We sold equipment and did basic repairs. But

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what we should have done is look at everything our

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customer needed throughout the year. And if we did that,

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we would have discovered that they needed off season storage,

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pre season tuning, mid season performance adjustments, end of season maintenance,

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and family ski planning services. And each of this would

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have created a new revenue stream. But more importantly, each

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touch point would have strengthened our relationship with the customer

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and we we wouldn't be just a regular ski shop anymore.

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We would become their year round outdoor recreation partner. Now

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here's what's really powerful about this approach. When you serve

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existing customers in new ways, your marketing costs actually good out. Yeah,

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you don't need to be spending you know, you don't

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need to spend money convincing them to trust you. They

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already do, and so you don't need to overcome price objections.

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They already know your value. All you need to do

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is show them new ways that you can help. And

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I want to think about your business right now. Where

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when when was the last time you sat down and

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listed all the ways you could help your existing customers.

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When was the last time you actually ask them what

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other challenges they face? I bet there are at least

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three new services that you could offer tomorrow to existing

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customers if you just started asking the right questions. And

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here's the kicker, your competitors are probably making these same

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three mistakes right now. Sure, they're chasing new customers going

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after that one to three percent while ignoring their existing

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customer base. They're missing the opportunity to engage and expand

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their services to their current customer base. So by doing

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this you get what I call the winning edge. Remarkable, Michael, Look,

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you struck a chord here.

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We're getting quite a flurry of questions and comments.

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And do you have a couple of minutes for us

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to touch on some of this. Yeah, let's let's get

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after it.

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So this idea of a customer retention rate, how is

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that impacted based on selling products or services?

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Well, first of all, if you can retain if you

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sell to if you've start the year with one hundred

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customers and you pick up thirty new customers, and now

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at the end of the year you have one hundred

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and thirty customers, then you and then the products and

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services that you sell, you have just you have just

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multiplied your profit because you kept the existing customers. Everybody

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you bought last year bought again this year, and then

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you added to thirty customers. And so uh. And if

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you ask the right questions to these customers, you can

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you can get a better feel for what they need

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throughout the whole year. Near in terms of product offerings,

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terms of product To answer your question, in terms of

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product offerings, so that that communication with the customer is

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really really critical.

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And Michael, let's pick up on that, right, So I

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think a few more comments relate to this idea of

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communication with the customers. So would you recommend something like

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a customer satisfaction survey? That's one element of the question,

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and then I'll get to the second element of the question.

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Yeah. There, Well, I think customer satisfaction surveys they're a

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starting point, okay, but for the most part, you don't

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get a lot of people don't have the time to

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really put any real thought into them. And you can

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make them multiple choice questions correct, which helps, but you

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don't really get the insight that you that you get

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from a You know, just if you have one hundred customers,

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calling ten of them will be incredible in terms of

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gaining valuable insight as to what they go through during

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a year when you're not servicing them. Interesting and you

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can help them.

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Yeah, and would you frame the conversation that We're right,

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So you'd call up the customer and just ask like, hey,

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what's keeping you up at night? What does your year

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look like? Those kinds of like service health check questions that.

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Without without question. You can ask them the problems they're incurring,

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but you can also ask them like in the case

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of the renovation client, he asked them did they have

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any smaller jobs that they did during the year? Interesting

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and the answer was always yes, and he didn't service them.

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They went they went somewhere else. Yeah. So and you know,

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so the same thing could happen with the HVAC company.

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You know what others, what other types hvac, what h

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fact challenges do you have other than you know, having

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to install or a major job for equipment that you know,

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ran out of gas after ten years.

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And then the second element on this, and Michael will

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absolutely take a next step after this is you hit

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a touchstone of inspiration where you talked about how marketing

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costs can go down. So a lot of folks are

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really intrigued by that. How does this really maybe give

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us a little bit more color Michael on how this

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actually helps marketing costs go down, because, as you know,

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a lot of small business owners complain about, you know,

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the rise and costs of marketing and advertising.

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Right. So the reason is is because because you're nurturing

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your existing database, you don't have to get as many

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new clients. So therefore your advertising costs can go down

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in terms of marketing to new clients because because you're

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getting so much business from your existing base that there's

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no need at the present capacity that you have. Now,

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if you go about and increased capacity, that's great because

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now you can handle more of those customers, more of

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those clients existing, and add even more client client customers,

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and in effect it reduces your average cost to acquire

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a customer. So it really has it really has this

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compound effect. Well, so what's really interesting is that when

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I share these insights with business owners, they often say

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things like, but Michael, I send my customers birthday cards,

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or they have a loyalty program, which is all great, Yeah,

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but it's not enough. You know. I can tell you

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a story about a woman who owned a very successful

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hand salon and she sent birthday cards, had a point system,

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all the usual stuff, but she was still losing customers.

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And the reason is is because she was doing exactly

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what all the other salon owners in town were doing.

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No compelling offers, no strategic direction, no differentiation, no creativity,

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no real relationship building, and everybody else was sending birthday

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cards and had a point system. So she dug deeper

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into her customer base and she discovered that seventy percent

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of her clients were professional women aged thirty five to

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fifty five. And these weren't just people who needed haircuts.

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These were busy professionals who viewed their appearance as part

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of their career success. And this thought process changed everything.

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She completely red designed her retention strategy. So instead of

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just sending the birthday cards, she created what she called

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the Professional Image Program. And here's would It included. Quarterly

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image consultation sessions, emergency touch up appointments with priority scheduling,

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executive styling workshops, professional headshot partnerships with local photographers, which

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is another strategy we have about strategic partnerships, mobile styling

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services for those important events. And her revenue per customer

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doubled in eight months. But here's what's really fascinating. Her

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customers started bringing their entire teams to the salon, So

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she went from serving individual professionals to becoming the go

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to salon for entire companies. So it's really really interesting.

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But before I go into my next story, Chookey, I'd

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like to just take a quick ninety second break great,

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Hey their business owners. Let me ask you something. Are

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you tied of blending in with your competitors, frustrated with

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slow growth and slim margins. Well I've got news for you.

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Everything you've ever learned about growing your business is wrong.

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00:21:45.720 --> 00:21:47.960
Don't worry. I'm here to let you in on a

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00:21:48.000 --> 00:21:52.279
secret weapon, your position of market dominance. It's what sets

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you apart, makes you irreplaceable, and has customers lining up

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at your door. My name is Michael Barbarita from Next

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00:21:59.440 --> 00:22:03.759
Step Co. I know what you're thinking. Sounds great, Michael,

347
00:22:04.000 --> 00:22:07.599
But how do I find my position of market dominance? Well,

348
00:22:07.640 --> 00:22:11.319
that's exactly why we've created our game changing impleitation program

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00:22:11.440 --> 00:22:15.200
called Next Step to Market Dominance. In just ninety days,

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00:22:15.200 --> 00:22:17.240
we'll guide you step by step to a position of

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00:22:17.279 --> 00:22:21.640
market dominance by uncovering your unique strengths that competitors can't touch,

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00:22:21.960 --> 00:22:25.440
by crafting a message that resonates deeply with your ideal customer,

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00:22:25.759 --> 00:22:28.400
by building a strategy that turns you into the go

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to expert in your field. Now this is in theory.

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00:22:32.079 --> 00:22:35.039
These are battle tested strategies that have helped businesses like

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00:22:35.079 --> 00:22:39.519
you as double, triple, and quadruple their revenue don't let

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00:22:39.599 --> 00:22:42.799
another quarter go by struggling to standout. It's time to

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00:22:42.880 --> 00:22:48.119
dominate your market. Period. Go to NEXTSTEPCFO dot net forward

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00:22:48.119 --> 00:22:51.559
slash contact. Fill out the form and in the message

360
00:22:51.559 --> 00:22:55.599
section put the word dominate or call us at seven

361
00:22:55.640 --> 00:22:59.240
eighty one three two six three A two two. That's

362
00:22:59.319 --> 00:23:03.000
next step SEEFO dot net forward slash contact or call

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00:23:03.119 --> 00:23:06.359
us at seven eighty one three two six three eight

364
00:23:06.440 --> 00:23:12.359
two two. So let me share another powerful strategy that

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we really talk about in business. It's called the next

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logical purchase system. Now, this is something that Amazon does famously,

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just brilliantly, but any business can implement it. And here's

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how it works. For every product to service you offer,

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Map out the next three things that your customer is

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likely to need, not what you want to sell them,

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but what they actually are going to need. And let

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me give you an example from a contractor. When someone

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gets their kitchen remodeled, what's the next logical purchase. Well,

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often it's a new dining room furniture, or window treatments

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and or outdoor kitchen or entertainment areas. Now, the contractor

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didn't sell any of these, but she partnered with businesses

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that did, and she created what she called a home

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evolution program where she helped customers plan their home improvements

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over a three year period. Even if she wasn't doing

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all the work, she became their trusted advisor for all

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home improvements, and her average customer value went from thirty

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five thousand to over one hundred grand in in an

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eighteen month period, not because she was pushing sales, but

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because she was generally helping customers plan and execute their

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home improvement journey. And so this brings me to something

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really critical that most businesses completely miss. The difference between

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satisfaction and loyalty. You see, you see, you can have

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satisfied customers who never come back, and you can have

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satisfied customers who will still shop with your competitors. So

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satisfaction is really enough. I learned this lesson the hard way.

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In my ski business, we had a ninety five percent

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satisfaction rate, but only seventy percent of the customers returned

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to the store to buy something else. Know what the

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problem was? We were measuring the wrong thing. We were

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asking customers if they were satisfied instead of what would

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make you absolutely certain to come back and buy something else,

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To see that two questions, How they're different, How they're different. Yeah,

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So when we started asking that second question, we discovered

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that our customers wanted something we had never considered. They

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wanted that ski guarantee where they would be able to

401
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ski the ski three times. If they didn't like it,

402
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they could return it for a brand new pair. And

403
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they wanted to know that if they bought equipment from us,

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that we would ensure they had a great ski season.

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All they wanted was a great experience. They didn't want to,

406
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you know, put one over on the business owner and

407
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bring back equipment three hund fifty times, right, They.

408
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Just wanted the great season, the great experience. Michael, you

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struck a chord with that. So some folks are asking

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for you to repeat that question. So what's the way

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to pivot from the customer satisfaction question to the commitment?

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So what we then asked we used to ask, are

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you satisfied? Eh, that's meaningless. What we then asked is

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what would make you absolutely certain to come back and

415
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buy something else? Brilliant? You know, what is it what

416
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would make you absolutely certain? What is it that we

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can offer that would make you absolutely certain to come back?

418
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And buy something else from us, because that's what you

419
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care about. Like I said, you know we had a

420
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ninety five percent satisfaction, right, but only seventy percent of

421
00:26:46.480 --> 00:26:48.440
the customers returning to the store. If there was that

422
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satisfied the ski every year. If they were that satisfied,

423
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how come they didn't come back. That's where satisfaction isn't enough.

424
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And a satisfied customer of yours can go to a

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competitor and body, it doesn't preclude them to do it. Yeah,

426
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they were satisfied, but they happen to go to a

427
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still still go to a competitor. So let me give

428
00:27:13.279 --> 00:27:16.839
you a formula that will help you. It's called the

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value first contact system. So every thirty days, provide something

430
00:27:23.359 --> 00:27:25.799
of value to your customers, not a sales pitch, just

431
00:27:25.920 --> 00:27:29.960
provide something of value. Then every ninety days, ask for

432
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feedback about their experience from what you provided them, and

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then every one hundred and eighty days review their needs

434
00:27:37.920 --> 00:27:43.960
again and suggest solutions, and then annually conduct a comprehensive

435
00:27:44.000 --> 00:27:48.240
review of their relationship with your business. This stuff takes

436
00:27:48.480 --> 00:27:51.799
there's no question this stuff takes time, but the value

437
00:27:51.799 --> 00:27:56.960
that it brings is just overwhelming. Because you're always communicating

438
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with your customer, and the key is to make every

439
00:28:01.400 --> 00:28:05.319
contact meaningful. Don't just send a newsletter that nobody reads.

440
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Send them something that makes your customers think, wow, they

441
00:28:08.880 --> 00:28:14.039
really understand my needs. So the best part of that

442
00:28:14.440 --> 00:28:17.599
is the zero additional marketing cosse. You could do it

443
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with a telephone and email spot on. So Michael again

444
00:28:21.559 --> 00:28:22.440
struck another nerve.

445
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I mean this is I think this particular episode might

446
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break some records. Michael, just with the feedback here, So

447
00:28:30.079 --> 00:28:32.359
folks are asking for you to just repeat those steps

448
00:28:32.400 --> 00:28:33.559
again the thirty.

449
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So it's called the value first contact system. So every

450
00:28:38.519 --> 00:28:41.359
thirty days you provide something of value to your customers,

451
00:28:42.440 --> 00:28:46.039
and then every ninety days you ask for feedback about

452
00:28:46.039 --> 00:28:49.519
their experience and about maybe some of the value that

453
00:28:49.599 --> 00:28:53.240
you provided in that thirty day. In the thirty day intervals,

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then every one hundred and eighty days you got to

455
00:28:56.039 --> 00:29:01.400
review their needs and suggest any solutions. Okay, so you're

456
00:29:01.440 --> 00:29:04.200
back at them, and this could be through email or

457
00:29:04.279 --> 00:29:07.119
you know, it's better, it's better to contact a few customers.

458
00:29:07.119 --> 00:29:08.920
I know you don't have the time to contact all

459
00:29:08.920 --> 00:29:11.519
of them, but just to get a feedback. Believe it

460
00:29:11.559 --> 00:29:13.720
when you get feedback from just a few customers that

461
00:29:13.839 --> 00:29:18.160
represents a lot of customers, that's true, represent yes, and

462
00:29:18.200 --> 00:29:22.319
then annually conduct a comprehensive review of their relationship with

463
00:29:22.359 --> 00:29:25.640
your business. In other words, ask the question, did you

464
00:29:25.680 --> 00:29:30.200
shop somewhere else? And why? It's okay, it's okay if

465
00:29:30.200 --> 00:29:32.079
they did, and give it permission to tell and tell

466
00:29:32.119 --> 00:29:34.599
you that it's okay to say that they they shop

467
00:29:34.680 --> 00:29:38.920
somewhere else, but you'd love to know why. And that

468
00:29:39.079 --> 00:29:43.160
is very meaningful contact because no one does that. No

469
00:29:43.200 --> 00:29:46.559
one addresses the elephants in the rooms, in the various

470
00:29:46.680 --> 00:29:48.240
rooms spat on.

471
00:29:49.079 --> 00:29:51.400
And what's remarkable about this too is it doesn't require

472
00:29:51.599 --> 00:29:57.759
that much time commitments given the ROI, right, so the

473
00:29:57.799 --> 00:29:58.960
comparative ROI.

474
00:29:58.960 --> 00:30:01.880
To get these kinds of ins it's, Michael, seems very

475
00:30:01.920 --> 00:30:02.720
well worth.

476
00:30:02.519 --> 00:30:07.519
It, definitely. Oh god, yeah, with your existing customer base.

477
00:30:07.839 --> 00:30:12.160
It's incredible how you can multiply your business just with

478
00:30:12.279 --> 00:30:13.200
your existing base.

479
00:30:13.839 --> 00:30:14.319
Exactly.

480
00:30:14.960 --> 00:30:17.640
So let me share something powerful that once again I

481
00:30:17.720 --> 00:30:21.039
could have done in my retail business and I didn't do.

482
00:30:21.920 --> 00:30:25.359
And I'm kicking myself, but so when I owned Skitown USA,

483
00:30:25.680 --> 00:30:29.880
we should have implemented some type of continuous value system.

484
00:30:30.200 --> 00:30:32.920
So instead of just selling ski equipment and saying goodbye

485
00:30:33.039 --> 00:30:37.000
until next season, we should have created multiple touch points

486
00:30:37.039 --> 00:30:39.880
throughout the year. And let me break this down because

487
00:30:39.880 --> 00:30:44.359
it's a real game changer. Most seasonal businesses think they

488
00:30:44.359 --> 00:30:47.680
can make only make money during their peak season. Well

489
00:30:47.799 --> 00:30:51.240
that's completely wrong. The way I should have looked at

490
00:30:51.240 --> 00:30:56.480
our customers is that they didn't stop being skiers just

491
00:30:56.519 --> 00:30:59.720
because there wasn't snow on the ground. And let me

492
00:30:59.759 --> 00:31:02.319
show you exactly how that. What we should have done

493
00:31:02.359 --> 00:31:05.240
to turn a seasonal business into a year round profit center.

494
00:31:05.920 --> 00:31:09.440
We should have mapped out the skiers' annual journey and

495
00:31:09.480 --> 00:31:12.279
here's what that would look like. So March and April,

496
00:31:13.480 --> 00:31:15.480
which is near the end of the season, we would

497
00:31:15.480 --> 00:31:21.839
offer free equipment inspection, clinics, summer storage program, family ski

498
00:31:21.960 --> 00:31:25.839
planning sessions for the next season. Then in May and June,

499
00:31:25.880 --> 00:31:28.680
which is normally the off season, but you can still

500
00:31:28.720 --> 00:31:34.599
ski at Killington in Vermont at times during those months,

501
00:31:34.599 --> 00:31:40.519
believe it or not, skate fitness workshops, equipment maintenance workshops,

502
00:31:41.160 --> 00:31:46.079
and early bird fitting appointments, ski fitting appointments and boot

503
00:31:46.119 --> 00:31:50.200
fitting appointments. And then July and August, the preseason would

504
00:31:50.240 --> 00:31:53.519
build up, and the preseason equipment clinics would take place.

505
00:31:54.000 --> 00:31:57.759
Free boot fitting evaluations because everybody complains how their boots aren't,

506
00:31:59.119 --> 00:32:05.000
technical gear workshops, and a family growing needs assessment, and

507
00:32:05.039 --> 00:32:10.160
then its September and October early snow preparation clinics, free

508
00:32:10.200 --> 00:32:16.039
ski tuning demonstration, season kickoff events, and equipment update assessments.

509
00:32:16.559 --> 00:32:18.880
And here's what's fascinating. If we did a program like this,

510
00:32:19.400 --> 00:32:23.599
we would have developed real relationships with our customers. My god,

511
00:32:24.519 --> 00:32:27.039
the attitude we had was when the season was over,

512
00:32:27.240 --> 00:32:30.839
everyone thought about summer activities. But as I learned later,

513
00:32:31.480 --> 00:32:36.720
that is not necessarily true. And let me give you

514
00:32:36.720 --> 00:32:38.960
a specific example of how this would work. So let's

515
00:32:38.960 --> 00:32:41.519
say we had a customer and his name is Tom,

516
00:32:42.200 --> 00:32:45.319
who bought his family ski equipment with us. In the

517
00:32:45.400 --> 00:32:49.440
old model, we would never see Tom again until something

518
00:32:49.519 --> 00:32:52.640
broke or his kids outgrew their equipment. But with a

519
00:32:52.640 --> 00:32:56.599
continuous value system, here's what would have happened. In April,

520
00:32:56.640 --> 00:32:59.119
Tom brought in the family equipment for an end of

521
00:32:59.160 --> 00:33:03.559
season of valuation. We identified that his daughter would need

522
00:33:03.640 --> 00:33:07.559
new boots next season to do to growth and instead

523
00:33:07.559 --> 00:33:10.480
of trying to sell him boots. Right then, we added

524
00:33:10.519 --> 00:33:13.480
this to her profile and scheduled a fitting session for

525
00:33:13.519 --> 00:33:18.200
her in September. Then in June, Tom attended our ski

526
00:33:18.319 --> 00:33:22.920
fitness workshop to get in shape for skiing. He brought

527
00:33:22.960 --> 00:33:27.400
two friends who actually both became customers. He wouldn't sell anything.

528
00:33:27.599 --> 00:33:30.160
We wouldn't sell anything at this workshop, just teaching the

529
00:33:30.200 --> 00:33:35.039
proper conditioning for skiing, but those relationships would likely turn

530
00:33:35.079 --> 00:33:39.119
into sales later on. Then in August, we contacted Tom

531
00:33:39.160 --> 00:33:42.480
about his daughter's upcoming boot fitting, and during that conversation

532
00:33:42.559 --> 00:33:44.960
we learned that his son had joined the high school's

533
00:33:45.000 --> 00:33:48.839
ski team, and this led to a completely different equipment discussion.

534
00:33:49.920 --> 00:33:53.039
In October, the whole family came into our preseason tune

535
00:33:53.079 --> 00:33:56.359
up clinic. We noticed Tom skis was showing where and

536
00:33:57.079 --> 00:33:59.920
suggested he demo some new ones during the upcoming set.

537
00:34:01.359 --> 00:34:03.599
So if you can see what happened here, we would

538
00:34:03.640 --> 00:34:08.639
have created multiple touch points, each delivering incredible value, which

539
00:34:08.719 --> 00:34:13.679
naturally led to additional sales opportunities. And we wouldn't be

540
00:34:13.679 --> 00:34:18.440
pushing products in those interim touch points, but we would

541
00:34:18.480 --> 00:34:21.960
be solving their problems and adding value throughout the year.

542
00:34:22.960 --> 00:34:27.119
Yeah, Michael react to this comment really helpful. So it

543
00:34:27.199 --> 00:34:29.679
seems like and then this is from some business owners,

544
00:34:29.800 --> 00:34:32.199
and I'll sort of kind of synthesize what they're saying here.

545
00:34:32.280 --> 00:34:34.880
It seems like a prerequisite for all of this is

546
00:34:34.960 --> 00:34:40.000
having a good customer database system, so some kind of

547
00:34:40.039 --> 00:34:43.880
a CRM or a tool that helps you capture this

548
00:34:43.960 --> 00:34:46.679
kind of profile information for customers.

549
00:34:46.760 --> 00:34:47.880
What's your reaction to that.

550
00:34:48.840 --> 00:34:53.400
Right, Well, it's amazing what we did back back in

551
00:34:53.440 --> 00:34:57.119
the eighties, where you know, the technology wasn't as good

552
00:34:57.639 --> 00:35:01.119
as it was now. We used to keep all of

553
00:35:01.159 --> 00:35:06.599
their information in a database and there was no such

554
00:35:06.679 --> 00:35:09.039
thing as a CRM. I guess we made up our own,

555
00:35:09.079 --> 00:35:15.519
if you would. But but having a CRM that is,

556
00:35:15.679 --> 00:35:18.360
you know, like a sales force and there are a

557
00:35:18.400 --> 00:35:21.920
number of CRMs that you could that you could acquire,

558
00:35:22.400 --> 00:35:26.119
but having that CRM and really keeping it updated and

559
00:35:26.239 --> 00:35:30.480
having somebody do that, yeah, is critical to this process

560
00:35:30.719 --> 00:35:33.760
because in that example I just gave you, we had

561
00:35:33.800 --> 00:35:40.800
to have a footnote that Tom's daughter needed a boot

562
00:35:40.840 --> 00:35:41.719
fitting in.

563
00:35:41.639 --> 00:35:45.840
September exactly, and then some kind of a way to

564
00:35:45.840 --> 00:35:49.480
get notified once September rolls around, or at least someone

565
00:35:49.800 --> 00:35:52.800
to go in and check and see what are the

566
00:35:52.880 --> 00:35:54.519
upcoming action items?

567
00:35:54.719 --> 00:35:56.440
Right right right?

568
00:35:56.679 --> 00:35:58.199
Yeah, so very helpful, Michael, thank you.

569
00:35:59.280 --> 00:36:01.519
So here's where those business owners get it wrong because

570
00:36:01.519 --> 00:36:04.639
they try to turn every interaction into a sales opportunity.

571
00:36:04.679 --> 00:36:08.360
That's a big mistake. We had a strict rule seventy

572
00:36:08.400 --> 00:36:11.679
percent of all interactions had to be pure value add

573
00:36:11.920 --> 00:36:16.159
with no selling at all. And let me share another

574
00:36:16.199 --> 00:36:19.960
powerful strategy that we should have done. Once again, I

575
00:36:20.000 --> 00:36:26.599
have all these post mortems. Instead of just selling someone's skis,

576
00:36:26.760 --> 00:36:30.079
we should have created a three year equipment plan. We

577
00:36:30.119 --> 00:36:32.880
would show the customer how their equipment needs would change

578
00:36:33.000 --> 00:36:37.320
as their skills improved. We just assumed that once their

579
00:36:37.360 --> 00:36:41.679
skills improved had come back. That wasn't the case. Some did,

580
00:36:42.159 --> 00:36:45.360
but for the most part, what we would have really

581
00:36:45.440 --> 00:36:50.719
developed this particular strategy if we gave them an equipment

582
00:36:50.800 --> 00:36:53.960
plan when they bought their equipment, and then kept in

583
00:36:54.039 --> 00:36:57.480
touch with them about where they probably stood with that

584
00:36:57.559 --> 00:37:01.000
equipment plan and asked them questions along the way, and

585
00:37:01.320 --> 00:37:04.239
we would show the customer how their equipment needs would

586
00:37:04.400 --> 00:37:07.480
change as their skills improved. And this would have been

587
00:37:08.000 --> 00:37:11.119
This would have done three things. It would have positioned

588
00:37:11.199 --> 00:37:16.519
us as long term advices, not just sales, weasels. It

589
00:37:16.599 --> 00:37:20.840
would have given customers a clear upgrade path, and it

590
00:37:20.880 --> 00:37:25.039
would have helped them budget for future purchases. And the

591
00:37:25.039 --> 00:37:28.559
potential of this program would have would compound the lifetime

592
00:37:28.679 --> 00:37:33.360
value of a customer, which is so valuable. But more importantly,

593
00:37:33.360 --> 00:37:36.079
it would have turned our customers into our best marketers

594
00:37:36.519 --> 00:37:39.480
because they would have started bringing their friends to our

595
00:37:39.519 --> 00:37:42.039
events even in the off season.

596
00:37:42.480 --> 00:37:44.920
And maybe even bragging about their skills.

597
00:37:45.840 --> 00:37:51.000
Yeah right, right in our way that we showed how

598
00:37:51.039 --> 00:37:55.719
their skills could progress as skiers. This is something that

599
00:37:56.119 --> 00:38:02.079
I really really missed the mark on. And then you know,

600
00:38:02.119 --> 00:38:03.840
some of you are probably saying, but Michael, I'm not

601
00:38:03.880 --> 00:38:06.079
in the ski business, and how does this apply to me. Well,

602
00:38:06.079 --> 00:38:08.920
that's a fair question. Let me show you how the

603
00:38:09.039 --> 00:38:11.960
same system worked for a completely different business.

604
00:38:12.000 --> 00:38:12.320
Please.

605
00:38:13.000 --> 00:38:17.119
Yeah. So there was this tax accounting firm talk about

606
00:38:17.119 --> 00:38:20.400
a seasonal business right in from tax So everyone thinks

607
00:38:20.400 --> 00:38:23.880
accounts only matter during the tax season, right, Well, the

608
00:38:24.000 --> 00:38:27.440
same continuous value system would apply. We are first quarter,

609
00:38:27.519 --> 00:38:30.920
which is essentially the start of the tax season. Tax

610
00:38:30.960 --> 00:38:36.880
preparation services would ensue current year tax planning, documentation organization

611
00:38:37.079 --> 00:38:42.800
systems for the customers of the clients because they're always

612
00:38:43.039 --> 00:38:46.320
very poor at documenting what needs to what, you know,

613
00:38:46.360 --> 00:38:48.840
what they can get tax deductions for, and so forth.

614
00:38:49.719 --> 00:38:53.960
The second quarter would be media tax reviews, business structure evaluations,

615
00:38:54.320 --> 00:38:59.559
cash flow optimization workshops for these individuals. The third quarter

616
00:38:59.599 --> 00:39:05.880
would be long term tax planning strategies, business succession planning

617
00:39:05.880 --> 00:39:09.519
if they also owned a business, and investment tax impact

618
00:39:09.559 --> 00:39:14.320
analysis on their investments. The fourth quarter would be year

619
00:39:14.400 --> 00:39:18.719
end tax planning, next year's preparation strategies, and family tax

620
00:39:18.760 --> 00:39:23.360
situations that come up during the year. So his revenue

621
00:39:23.480 --> 00:39:27.039
became The accountants who did this, their revenue became more

622
00:39:27.039 --> 00:39:30.000
consistent during the year, and their client retention rate from

623
00:39:30.039 --> 00:39:34.199
seventy one percent to ninety four percent. Why because he

624
00:39:34.400 --> 00:39:39.639
transformed from a tax preparer into a year round tax advisor.

625
00:39:40.679 --> 00:39:46.480
So happened with any seasonal seasonal business. So here's that's

626
00:39:46.639 --> 00:39:52.039
really good insight. How did he set the expectations with

627
00:39:52.159 --> 00:39:54.079
clients on that? So is this something you do on

628
00:39:54.119 --> 00:39:55.480
the front end? So once you're.

629
00:39:55.360 --> 00:39:58.440
Onboarding and new client, you lay out, hey, here's your

630
00:39:58.480 --> 00:39:59.599
annual service plan.

631
00:39:59.679 --> 00:40:00.519
How does that happen.

632
00:40:01.159 --> 00:40:05.639
That's right. It's part of this sales process, okay, where

633
00:40:05.239 --> 00:40:09.760
they're actually demonstrating that they're not just a tax prepairer,

634
00:40:09.840 --> 00:40:13.199
that they're a year round tax advisor. Because here's how

635
00:40:13.239 --> 00:40:18.159
our their process works. You know, if I'm the tax accountant, well,

636
00:40:18.199 --> 00:40:21.039
here's how my process works. In the first quarter, we

637
00:40:21.119 --> 00:40:22.920
do this, in the second quarter, we do that, in

638
00:40:22.960 --> 00:40:25.639
the third quarter we do this, and in the fourth

639
00:40:25.719 --> 00:40:28.280
quarter you do we do that. Now, if you do

640
00:40:28.400 --> 00:40:32.480
this all on a timely basis, when you prepare and

641
00:40:32.880 --> 00:40:36.119
meaning the customer submits their information on a timely basis,

642
00:40:36.719 --> 00:40:39.559
this works famously, and they get the and they get

643
00:40:39.719 --> 00:40:44.119
all of their questions answered, and they get the maximum

644
00:40:44.239 --> 00:40:52.480
legal amount of refund or reduction of income tax. Works awesome.

645
00:40:52.960 --> 00:40:55.360
It's so strategic, Michael, really get insight.

646
00:40:56.840 --> 00:40:59.079
So the key to making this work in any business

647
00:40:59.199 --> 00:41:02.239
is just understand that your customers don't stop needing help

648
00:41:02.400 --> 00:41:05.719
just because they're not actively buying. They're always in some

649
00:41:05.880 --> 00:41:09.519
stage of their journey with you on your product or service.

650
00:41:10.119 --> 00:41:13.360
Your job is to map out that journey and add

651
00:41:13.440 --> 00:41:18.880
value at each stage. So before I talk about it

652
00:41:18.920 --> 00:41:22.199
as a strategy, we're going to take a ninety second break. Great,

653
00:41:23.159 --> 00:41:25.719
Hey their business owners. Let me ask you something. Are

654
00:41:25.760 --> 00:41:29.280
you tied of blending in with your competitors, frustrated with

655
00:41:29.440 --> 00:41:32.920
slow growth and slim margins? Well, I've got news for you.

656
00:41:33.599 --> 00:41:37.079
Everything you've ever learned about growing your business is wrong.

657
00:41:37.800 --> 00:41:40.079
But don't worry. I'm here to let you in on

658
00:41:40.119 --> 00:41:44.159
a secret weapon, your position of market dominance. It's what

659
00:41:44.280 --> 00:41:48.199
sets you apart, makes you irreplaceable, and has customers lining

660
00:41:48.280 --> 00:41:51.480
up at your door. My name is Michael Barbarita from

661
00:41:51.519 --> 00:41:56.039
NeXTSTEP CFO. I know what you're thinking. Sounds great, Michael,

662
00:41:56.280 --> 00:41:58.880
But how do I find my position of market dominance.

663
00:41:59.840 --> 00:42:03.480
That's exactly why we've created our game changing implementation program

664
00:42:03.679 --> 00:42:07.440
called Next Step to Market Dominance. In just ninety days,

665
00:42:07.440 --> 00:42:09.519
we'll guide you step by step to a position of

666
00:42:09.519 --> 00:42:13.920
market dominance by uncovering your unique strengths that competitors can't touch.

667
00:42:14.199 --> 00:42:17.679
By crafting a message that resonates deeply with your ideal customer,

668
00:42:18.039 --> 00:42:20.679
by building a strategy that turns you into the go

669
00:42:20.719 --> 00:42:24.159
to expert in your field. Now this is in theory.

670
00:42:24.320 --> 00:42:27.320
These are battle tested strategies that have helped businesses like

671
00:42:27.360 --> 00:42:31.840
you as Double Triple and quadruple their revenue. Don't let

672
00:42:31.840 --> 00:42:35.039
another quarter go by struggling to standout. It's time to

673
00:42:35.119 --> 00:42:40.360
dominate your market period. Go to NEXTSTEPCFO dot net forward

674
00:42:40.360 --> 00:42:43.800
slash contact. Fill out the form and in the message

675
00:42:43.800 --> 00:42:47.880
section put the word dominate or call us at seven

676
00:42:47.920 --> 00:42:51.519
eight one three two six three A two two. That's

677
00:42:51.599 --> 00:42:55.559
next STEPCFO dot net forward slash contact or call us

678
00:42:55.599 --> 00:42:59.079
at seven eight one three two six three A two two.

679
00:43:01.280 --> 00:43:04.440
So tricky. Let me share you something that's powerful that

680
00:43:04.519 --> 00:43:07.480
most business owners never think about. And you know, we've

681
00:43:07.519 --> 00:43:11.280
talked mostly about retention. But let's focus now on increasing

682
00:43:11.320 --> 00:43:15.360
the frequency of sale and I'll be able to go

683
00:43:15.440 --> 00:43:20.239
through I think at least one example of this as

684
00:43:20.280 --> 00:43:26.920
time permits. So getting your customers to buy more often

685
00:43:27.000 --> 00:43:30.719
is here is really another another key, And I'm going

686
00:43:30.800 --> 00:43:33.519
to show you a strategy that your competition isn't using.

687
00:43:34.239 --> 00:43:38.280
There was his home service business, specifically pressure washing, and

688
00:43:38.360 --> 00:43:41.000
like most of his competitors, he'd clean a customer's house

689
00:43:41.039 --> 00:43:42.880
and then hope they'd call him again next to the

690
00:43:42.920 --> 00:43:47.480
next year, and his average customer actually bought once every

691
00:43:47.519 --> 00:43:51.639
eighteen months. But he completely changed his business model with

692
00:43:51.639 --> 00:43:55.599
what he called the service stacking system. And here's what

693
00:43:55.679 --> 00:43:59.840
he discovered that his customers didn't just need their houses

694
00:44:00.039 --> 00:44:04.000
pressure wash. They needed deck cleaning and ceiling, fence maintenance,

695
00:44:04.360 --> 00:44:10.800
driveway cleaning, gutter cleaning and window washing, and roof moss treatment.

696
00:44:11.719 --> 00:44:16.440
So instead of selling these as separate services, he created

697
00:44:16.480 --> 00:44:20.320
what he called home care packages. And here's where it

698
00:44:20.360 --> 00:44:24.039
got interesting. He mapped out every service a home might

699
00:44:24.199 --> 00:44:27.400
need throughout the year and created a schedule. For example,

700
00:44:28.000 --> 00:44:32.239
in the spring, house wash and deck preparation, early summer,

701
00:44:32.400 --> 00:44:36.800
deck ceiling and fence maintenance, late summer window cleaning and

702
00:44:36.880 --> 00:44:41.519
gutter check, fall driveway cleaning and gutter clearing, and then

703
00:44:41.559 --> 00:44:45.760
in the winter the roof moss treatment. Now, instead of

704
00:44:46.119 --> 00:44:51.199
one service every eighteen months, his customers were buying four

705
00:44:51.239 --> 00:44:54.039
to five services a year, and his revenue pirk customer

706
00:44:54.199 --> 00:44:57.119
went from three hundred and seventy five dollars annually to

707
00:44:57.199 --> 00:45:01.440
twenty two hundred. And here's what's really fascinating. His customers

708
00:45:01.559 --> 00:45:04.840
loved it because they didn't have to think about home

709
00:45:04.880 --> 00:45:13.679
maintenance anymore. He turned a reactive service into a proactive solution. Remarkable, Twoky,

710
00:45:13.760 --> 00:45:14.360
it's time for.

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00:45:14.400 --> 00:45:18.840
Compliments, yes, so let's get into business compliments and Michael,

712
00:45:18.840 --> 00:45:21.559
there are five business owners that we want to spotlight again.

713
00:45:21.599 --> 00:45:25.159
These are individuals coast to coast even internationally that are

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00:45:25.199 --> 00:45:29.840
really making an impact. The first spotlight is Sunga in

715
00:45:29.960 --> 00:45:35.079
Queze Lambas and he is a visionary investor and attorney

716
00:45:35.119 --> 00:45:39.079
and this confluence of competence that SunGO has has allowed

717
00:45:39.159 --> 00:45:43.280
him to really drive progress across a number of different

718
00:45:43.400 --> 00:45:47.239
business initiatives. In fact, he's the founder and CEO of

719
00:45:47.320 --> 00:45:50.400
zim Rothschild and he and his team at zim ross

720
00:45:50.480 --> 00:45:53.960
Child they've created a brand that stands for more than

721
00:45:54.119 --> 00:45:58.599
just fashion. The brand is rooted in empowering who they

722
00:45:58.639 --> 00:46:03.880
call unicorns, and these are individuals and stakeholders that live boldly,

723
00:46:04.079 --> 00:46:08.119
break boundaries and inspire change, and they really provide a

724
00:46:08.199 --> 00:46:12.079
platform for these unicorns to really excel. You can check

725
00:46:12.079 --> 00:46:16.119
out more about Songa at Zimrothschild dot com. Also find

726
00:46:16.119 --> 00:46:20.920
out about more of his business ventures at Stratford Venturepartners

727
00:46:21.039 --> 00:46:25.119
dot com. The second business owner the spotlight is Ray Demeio.

728
00:46:25.480 --> 00:46:28.840
He is the owner and operator of Sunshine Cleaning Systems

729
00:46:29.480 --> 00:46:31.960
and he's been doing this work since two thousand and seven.

730
00:46:31.960 --> 00:46:35.880
And Michael, you and I have a great admiration for

731
00:46:36.199 --> 00:46:42.559
Ray's business acumen and just his technical expertise. Pfessional carpet,

732
00:46:43.599 --> 00:46:50.159
furniture and toile maintenance company, provider of services to the

733
00:46:50.360 --> 00:46:53.639
highest level of excellence. And I've got to say this

734
00:46:53.679 --> 00:46:56.559
about Ray, Michael, and I think we'll stretch a little

735
00:46:56.599 --> 00:47:00.079
bit of time here. So Ray places as much value

736
00:47:00.119 --> 00:47:05.840
on the health of a family's home as he does

737
00:47:06.159 --> 00:47:08.679
the cleanliness of that home just.

738
00:47:08.760 --> 00:47:11.119
Really really impactful. So he goes above and beyond. And

739
00:47:11.159 --> 00:47:11.960
I love his website.

740
00:47:12.000 --> 00:47:15.880
So his website is let the Sunshine in dot net.

741
00:47:16.440 --> 00:47:18.280
Let the sunshine in dot net.

742
00:47:18.360 --> 00:47:23.360
So Ray, continue to bring sunshine to your clients and stakeholders.

743
00:47:23.840 --> 00:47:27.320
The third business owner is Johnny Toonage. He's a co

744
00:47:27.400 --> 00:47:31.360
founder of Black Tech Saturdays. Johnny Toonage and team have

745
00:47:31.480 --> 00:47:37.599
this vision to empower block technology communities nationwide to really

746
00:47:37.599 --> 00:47:41.199
help to close the racial wealth gap through tech focused

747
00:47:41.239 --> 00:47:47.199
initiatives while strategically driving economic growth and fostering diversity within

748
00:47:47.239 --> 00:47:51.480
the industry to really just help everyone access a level

749
00:47:51.519 --> 00:47:54.119
of prosperity. You can check out more about Johnny and

750
00:47:54.119 --> 00:48:00.119
team at black Tech Saturdays dot com. Fourth Matthew de Primo,

751
00:48:00.000 --> 00:48:05.119
so for career Bridge It Solutions. They're a specialized staffing company.

752
00:48:05.599 --> 00:48:10.320
They place veterans, women, international professionals, and people of color

753
00:48:11.199 --> 00:48:16.840
in STEM career paths and tracks. So that's science, technology

754
00:48:17.519 --> 00:48:20.760
and beyond, so really really impactful. And then the last

755
00:48:20.800 --> 00:48:26.320
but not Lisa Catherine Yoda Bayar with one Application dot

756
00:48:26.400 --> 00:48:28.480
me and Katherine and team.

757
00:48:28.559 --> 00:48:30.880
You can check them out it one Application dot me.

758
00:48:31.280 --> 00:48:35.800
They are mission oriented and here's our mission to make

759
00:48:35.880 --> 00:48:40.480
that application process as easy as possible to connect people

760
00:48:40.480 --> 00:48:45.199
in businesses by saving time and resources. So they effectively

761
00:48:45.239 --> 00:48:47.719
provide a database where all of your information is a

762
00:48:47.800 --> 00:48:51.119
job hunter is stored. So, Michael, look, these are incredible

763
00:48:51.119 --> 00:48:54.639
individuals doing incredible work. It's always an honor to spotlight

764
00:48:54.679 --> 00:48:57.559
these business owners. And I know a lot of this

765
00:48:57.639 --> 00:49:00.880
work is also related to our book interview Well.

766
00:49:01.239 --> 00:49:03.960
Excellent, Thank you, Chokey. And so before we wrapped up

767
00:49:04.000 --> 00:49:06.400
today's show, let me give you three action items that

768
00:49:06.440 --> 00:49:11.119
you can implement immediately. Number one, calculate your customer retention rate.

769
00:49:11.199 --> 00:49:14.280
If you don't measure it, you can you can't improve it.

770
00:49:14.400 --> 00:49:17.400
If you don't measure it, can't improve it. Create a

771
00:49:17.480 --> 00:49:21.800
value delivery calendar for the next twelve months for your customers,

772
00:49:21.880 --> 00:49:26.719
and then three review your customer database for additional service opportunities.

773
00:49:27.119 --> 00:49:30.119
And so remember everything you everything you've learned about growing

774
00:49:30.159 --> 00:49:33.440
your business might be wrong, but this statement is absolutely right.

775
00:49:33.519 --> 00:49:37.840
Your existing customers are your biggest opportunity for growth.

776
00:49:38.400 --> 00:49:38.679
Yes.

777
00:49:39.519 --> 00:49:41.880
To get a copy of the book Powerful Business Strategy,

778
00:49:41.960 --> 00:49:46.159
simply go to our website www dot NEXTSTEPCFO dot net.

779
00:49:46.239 --> 00:49:49.880
It's totally complementary. And until next Monday at noon Eastern

780
00:49:49.920 --> 00:49:53.719
time for Chucky Obio. My name is Michael Barberita. And remember,

781
00:49:54.280 --> 00:49:57.639
don't keep doing what your competition is doing.

782
00:49:59.360 --> 00:50:02.599
You have been to Powerful Business Strategies finding out that

783
00:50:02.760 --> 00:50:06.159
everything you ever learned about growing your business is wrong.

784
00:50:06.440 --> 00:50:09.639
Tune in next week and every week at noon Eastern

785
00:50:09.719 --> 00:50:13.159
time on W four CY Radio with your host Michael

786
00:50:13.199 --> 00:50:17.840
Barbarita of NeXTSTEP CFO and moderator chugy Ovio