This Is Why You’d Better Believe The Right Customer Acquisition Formula Makes All The Difference!
Have you ever attempted to do some of the most tedious yard work, (like) mowing your tall grass or trimming your shrubbery on one of the hottest days of the year?
Not fun by any stretch of your imagination is it.? And let’s add further insult to injury here. The pitcher of soothing ice water you have safely tucked away in the shade. It too keeps quickly being turned into sort of semi warm or at least less cold water at best.
You’re already sweaty and kinda of frustrated to begin with right? And it seems just as you decided to go outside at have at it. You guessed it. The temperature actually rose at least three to five degrees hotter. Huh?
Believe it or not. When it comes to you or your major competitors effectively utilizing the right customer acquisition formula. If you don’t you’ll not only continue to be equally frustrated. But it’s going cost you a whole lot more money, time and other extremely valuable resources too. Unless?…
Sadly Far Too Many Aspiring Entrepreneurs Constantly Make Their Customer Acquisition And Retention Process Too Expensive Or Overly Complicated!
case in point. Let’s say you’re some type of professional of some kind. Like say a local chiropractor. With a fairly successful practice. Meaning you have a pretty ratio of of 80/20 when it comes to your new and repeat customers. Huh? Eighty percent of your growing customer base is your long term repeat customers.
And the remaining 20% is primarily your first time customers. Who are still not totally converted into long term repeat customers/clients. Of course a certain percentage of your 1st time customers may still occasionally refer you or your major competitors referral business here and there.
But by and large the vast majority of your long term referrals will continuously come the 70-80% of your repeat customers. But here’s the real point entrepreneur.
Even though your current hourly rates are just $350 dollars an hour. And recently another major competitor across town had to decrease their hours. And close on Fridays in order to spend more time taking care of their elderly parent. So because the two of you have known each other over five years. Having originally met at a local industry conference.
Held at a major local hotel several years back. So your thriving practice was their first option to at least seriously consider to try and absorb these additional clients.
Most of whom they would typically see on Friday’s. And because a large percentage of these long term repeat, referral clients are so pleased with the services and ongoing results they’re receiving from your practice.
They’re constantly telling friends, co-workers, neighbors, relatives and in laws etc. Both on and off of social media mind you. Your practice now has to occasionally offer Saturday sessions every other week. Say what?
Sometimes You Step Over The Dollars To Get To The Loose Change! (Say What?)
Say for example. Entrepreneur instead of you being or quickly becoming totally frustrated trying to cut your grass or trim your trees or brush etc. And constantly sweating like crazy. You can and should of decided to book (schedule) a minimum of four clients on Saturday. And been out of the office by at the latest 2 pm.
After completing the days pay work. This way you would have grossed an additional $1,400 dollars for basically fours hours work. (Unfortunately you or your major competitors can’t bill for the additional two hours worth of tedious paper work.)
But at $350 dollars gross per hour. And four hours of doing what you love and have trained to do. And your secretary who also worked four hours. Because it was her weekend to do so. And she earned an additional four hours at a bare bones minimum of $22 dollars an hour. She grossed an additional $88 dollars for her time.
So your $1,400 dollars intake, (gross for the four hours), minus one of your secretaries gross cost of $88 dollars. Entrepreneur you still grossed a respectable $1,312 dollars for four hours of your time. Not bad, right? No doubt.
Sometimes It Definitely Makes Sense For You Or Your Major Competitors To Leverage Certain Situations!
So what if you went to the office instead. Grossed the $1,400 dollars minus the $88 or X amount of dollars to adequately compensate your secretary. But “what” if you also wised up and simply contacted a local landscaper.
Who charges $75 dollars an hour. Or better yet simply charges a set fee of X to either cut your grass or trim your trees or hedges etc. Let’s say they charged you a minimum of the same four hours to do all of the previously mentioned above. So their total cost to you is $300 dollars. ($75 dollars an hour x four hours = $300 dollars, right?)
So you deduct the additional $300 dollar cost from your gross of $1,312 dollars. So now you’re looking at $1,012 dollars for the same four hour period. You’re still averaging a respectable $253 dollars an hour, right? ($1,012 dollars / four = $253 dollars per.)
Now you let the local landscaper and crew deal with the outrageously hot weather. After all it’s their strength is it not? You still pocket $1,012 dollars for just over four hours.
Sometimes You Can And Should Use The Sandwich Marketing Technique And Simply Gross The Spread!
Likewise. Entrepreneur when it comes to consistently creating some type of fresh, “how to” problem solving content for your state of the art WordPress blog. Believe it or not. A staggering 60-80% of the big time online marketers.
Especially the ones in certain niche industries. They just outsource or let others create their written content. And pay them X and pocket the difference. Say what?
If their blogging efforts consistently grosses anywhere from $400 – $1,000 dollars per day. Or $4,000 – $10,000 dollars a month.
Between the direct sell of their own products or services or affiliate products or JV (Joint Venture) or cross promotions revenue etc. They’ll gladly pay another qualified freelance source to consistently create their weekly blog content. And why the heck not?
It’s frees their time to consistently create the much bigger and far more lucrative pay days. You or your major competitors will “discover” exactly what I mean in part two. For now. Can you better appreciate “how” and why the right market tested customer acquisition formula definitely makes all the difference? Say yes.
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