Tip #25: What It Takes To Build A Million Dollar Business
There is a simple plan to building a million dollar business and I have followed it several times both personally and for clients.
The system is basic and simple, but don’t mistake simple and basic for easy. It can be difficult to stay focused on the basic and simple things.
Strategy #1
1. Great Customer Service – Last week, I met with a coaching client who was having difficulty with a new vendor. She decided to change vendors because of the cost savings and then half way into to the transition, the deal was not how it was presented. So my client asked for help from the owner. Well, the owner turned out to be an independent contractor for a bigger company and could not help with the transition. Then, when my client mentioned cancelling, the vendor complained to him that he would lose the commission. WHAT? Lose the commission, what about all the business he was losing while the problem persisted. And the loss of time for my client while he chased down getting the problem rectified. Often clients come to me and ask for marketing help but their problem is really in fixing their customer service.
This seems so simple, but when I ask business owners in the initial consultations, I ask, what makes you different from your competitors, and 100% of the time, the new client will tell me – CUSTOMER SERVICE…sigh…
2. Nurture Existing Clients – Stop chasing new clients and start focusing attention and dollars on your existing customers. If you only have one product or service to sell – get another one. Create a relationship by nurturing the relationship with a monthly newsletter, tips sheet, information that the customer can use. MONTHLY – not sporatically, not when you think about it, MONTHLY. If you need help visit – http://www.RichellesNewsletterSecrets.com
3. Have more than one way to acquire a customer – I can usually stump a new client when I ask them, how many ways are you getting a new customer right now? I am shocked at how many have less than 5 ways. A million dollar business has more than 30. During FreshStart’s reign, I had over 84 ways. That I did every month, partnerships, signage, radio, phone book (hispanic and general)… Take this time to write down how many ways that you have for bringing in a new customer. I guarantee that the number of ways that you have are a direct correlation to how much money you have in the bank.
Simple and basic but POWERFUL
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