How to Maximise A Customer's Lifetime Value for Profit
Many businesses fail to understand the tremendous multiplier effect on their profit that properly grooming their clients can offer.
One of the most powerful multipliers on your profit can be the Lifetime Value (LTV) of a customer.
The Lifetime Value (LTV) of any customer is:
Average Purchase x Frequency of Purchase x Purchasing Lifetime.
When you start to think of your customers by their LTV, they instantly become considerably more valuable to you.
Therefore, the smart marketer will be continually thinking of ways to improve the Lifetime Value of the customer.
To do this, you can work on increasing each of the component parts of the LTV equation above....(more here)
How To Stop Wasting Time on the Wrong Sales Prospects
We have all worked with clients who end up not being a good fit for whatever reason.
Usually, the one regret we have for these clients is all of the wasted time.
Nothing is worse than wasting time and effort on a client who ends up not doing business with you.
Here's how you can tell in advance which prospects aren't going to pan out before you've invested too much time with them....(more here)
Three Compelling Questions to Ask in Any Sales Campaign
Are your sales campaigns chasing the wrong prospects?
Make your sales efforts more successful by asking these three questions before your staff chases that next big sale.
1. Should We Pursue this Opportunity?
2. Can We Effectively Compete for this Opportunity?
3. Can We Reasonably Expect to Win this Opportunity?
These questions, and the corresponding underlying criteria, should be examined at multiple times, during a sales campaign....(read more detail here)
This article was courtesy of Business Mentoring Noosa
How to Use Your Business USPs to Beat Competitors
A Unique Selling Proposition, commonly abbreviated as USP, refers to the elements of your brand and everything about your business, including your products, services, staff, that consumers recognise as unique.
Put yourself in their shoes, when a consumer is spoiled for choice, with hundreds of options at their disposal, what would he or she notice about your business that would convince them to pick you and not your competitors?
If you can answer this question, you’ve found your USP!
There are at least four ways a Unique Selling Proposition can help you stand apart from the competition....(more here)
How to Go About Creating a Functioning Sales Incentive Program
Salespeople are mostly motivated by personal incentives and at the forefront of their mind is the sales commission.
If that’s agreeable, then the addition of other incentives can get the best out of a salesperson.
A sales incentive program will focus your sales team so they are motivated and highly productive.
If you’re trying to enhance the productivity of your sales team:
- You need to know what incentive program will work
- Then read the tips provided here to improve your current sales incentive program....(more here)
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