This Is How Costly Mistakes Affect Your Business In More Ways Than One!

Let’s face the brutally honest truth already. You and I are going to occasional make mistakes, right? Agreed. You run a profit seeking business or service and every now and then. Guess what? We’re going to make the occasional mistake here an there.

Being human there’s simply no way to avoid it. However, occasionally making mistakes is far different from constantly committing costly mistakes which negatively affect your business or service on many levels. Huh?

These subtle and potentially expensive mistakes are the real motivation and inspiration behind this particular blog post. Thoroughly understanding and positioning your business or service accordingly, as a direct result of coming to grips with these undeniable realities.

Is one of the real keys which helps separate and continually distance you from your major competitors. As you’re about to discover. So please stay tuned and buckle up…..

And Of Course You’re Probably Wondering How Do You Avoid Marketing Mistakes? (Right?)

It’s a great question. The short answer is. Initially going in. You have to be aware of “how to” go about consistently generating. Either some must have front or back end gross profits.

And once or as your overall understanding and practical implementation gets better and better. You are far less likely to make any major marketing or promotional mistakes.

And whenever you and I occasionally do. They will tend to be minor. As opposed to constantly making major marketing mistakes which over time.

Cost you or your major competitors a small fortune. In more ways than one. Case in point. There is a very successful Cadillac dealer. Whose ideal customer has a total lifetime customer value metric of about $322,000 dollars. Say what? That’s correct.

That’s a staggering amount. Don’t you agree? However, each time the dealership has to redo a particular repair. Because for some reason the technician got it wrong the first time. Guess what? Their $322,000 cash machine is definitely in jeopardy. Huh?

Think about the long term marketing viability for just a second. In this age of 24/7 social media crusades. One disgruntled customer. Who can and may be come a permanent dissatisfied ex- customer. They can take to social media and cause a storm of discontent.

All over a repair which truth told, may only cost less than $100 dollars to take care of.

Your Small Business Or Service Can’t Afford To Constantly Let Gross Profits Walk Out Of the Door!

Entrepreneur. (Please do yourself and potentially your bottom line a huge favor.) Get out your best calculator. And follow this rather simple-straight forward math.

Which hopefully opens your marketing eyes incredibly wide. Remember in the previous paragraph you discovered “how” much one of the top Cadillac car dealerships ideal customer is worth to them. Over a twenty to twenty five year period.

That $322,000 dollar figure. Is loosely based on three vitally important metrics.

1.) First: How many actual new, used or leased Cadillacs do their ideal customers purchases from them over the next twenty to twenty five year period?

2.) Two: How many active referrals do they send to the Cadillac dealer or one of their major competitors? Over the next twenty to twenty five year period.

 3.) Three: How much positive, viral word of mouth and mouse buzz they continually provide, both on and off of social media. From now on.

All of that, plus a whole lot more is definitely on the line once an A list customer, suddenly becomes an ex or disgruntled customer. Let’s say over the next twenty five years.

The Cadillac dealers ideal customer referrals a total of 13  customers who actually buy a Cadillac. And let’s say 8 of the 13 end up being worth $322,000 dollars each. Entrepreneur you wanna do the math?

Are You Starting To Appreciate Why It’s So Darn Expensive To Lose A Paying Customer Or Client?

So here’s a rough estimation of the potential money which the Cadillac dealer may not ever see. All over a repair bill which might cost less than $100 dollars.

$322,000 x 8 = $2,576,000 big ones. Say what? Who in their right mind would jeopardize a potential two plus million dollars. (Over time of course!) Over a lousy $100 dollar dispute.

Now let’s take the case of your, take your pick. Let’s say it’s a local, single location, Mom & pop computer repair service. And you and a long term customer, get into a billing dispute of say $80 dollars.

No matter what. Please don’t forget. You still have staff, which expect to get paid. Right? Absolutely. You have your monthly lease or rent payment. Right? You probably pay for your own heat or utilities. Right?

You have ongoing inventory you constantly need to invest in. Do you not? And of course the occasional, totally unexpected expenses as well. Right? So whenever you allow a long term, extremely loyal, repeat customer to become a disgruntled ex customer.

You potentially sacrifice a whole lot. You no longer get to upsell them. You no longer get to ethically bribe them to either:

 A.) Jump on social media and constantly brag about your extremely valuable products or services.

B.) Or drag a friend with them to your store, so their friends, co-workers, neighbors or employees exposed to your products and services as well. For literally pennies on the dollar.

C.) Or join your opt in email/text message list. So you can systematically follow up with them over time. For very little cost. In any event. Do you now better understand, how some potentially costly mistakes. Can and definitely will add up over time? Say yes.

Everybody In Business Occasionally Makes Minor Mistakes Here And There! (The Trick Is Not To Constantly Make The Major Ones Over And Over!)

P.S. Now as is customary during this part of our show. Please share your extremely valuable comments (in the comments section below)
that you can apply to your business, product or service in the next 30 days or less!

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