Helping your business build a loyal customer base.
Today I’m going to show you how your business can be more profitable through building a loyal customer base, or as I like to say creating a Honeypot.
Honeypot was conceived after realizing companies are less profitable when a majority of their marketing dollars are utilized on what I call cold customer acquisition. Your marketing dollars should be equally distributed to customer acquisition and customer retention.
What is cold customer acquisition?
Attempting to get a new customer you’ve never made contact with before to make a purchase with you. Not only is this super expensive, it’s extremely ineffective. Even if the person makes a purchase with you they’re likely never going to come back.
You’re probably doing this today, but don’t worry this isn’t your fault!
Forget cold customer acquisition. Why?
It's 5 times more expensive to acquire a new customer than keep an existing one.
Focus on creating your Honeypot.
Getting 5% of your customers to come back increases profits by 25%. Think about this...
When someone in your social group or immediate family recommends something, do you try it?
Yes! People rely on friends, family & other experts to make purchasing decisions, not advertisements.
The problem is you're paying a ton of money on getting new customers in the door but $0 to keep your current ones happy.
What does this mean? Your marketing efforts need to focus building long lasting relationships with your customers because they will bring you new customers if you engage in the right activities. That's what I'm here to help you with!
Or maybe you're ready to...