You COULD be making a lot more money, ya know.
In fact, with just a few simple little tweaks you could experience EXPONENTIAL increases in your income… pretty darn fast, too.
Just double your lifetime customer value.
You see, doubling lifetime customer value (LCV) doesn’t just double your profits… it causes…
EXPONENTIAL increases in your net!
Getting a new customer is the most expensive and least profitable marketing you do. Many businesses actually LOSE money to get a new customer. So if that customer doesn’t stick around very long and buy more products, you wind up making little to no money.
Not exactly the formula for a profitable business, right?
But what if you’re able to keep that customer sticking around a lot longer, making more and bigger purchases? That means a LOT more cashola in your pocket.
And lucky for you, I’ve discovered a few simple and inexpensive things you can start doing right away that can double (or maybe even triple) your LCV.
Let’s start with the most important yet overlooked thing that can increase LCV. I’m talking about…
I’m amazed at how few business owners express their appreciation for their customers. Maybe you didn’t realize it but your customer is the reason you’re in business. Without him or her you very well may be living in a van down by the river!
Wanna know one of the best ways to show your appreciation? By sending the humble little…
It’s amazing how well these letters work.
Actually a few reasons:
1. The stick letter is actually a sales letter. It sells your customer (again) on why they made the purchase in the first place. And THAT helps reduce buyer’s remorse, one of the biggest causes of refunds.
2. It lets the customer know you really care about them and appreciate their business.
3. It offers a special preferred customer deal on a related product ONLY available for a very limited-time. (You’d be shocked at how much money you’re letting slip through your fingers by not doing this.)
I’m surprised at how many business owners take their customers for granted and never properly thank them.
When you let your customers know you appreciate them… and you do it from the heart… it makes a BIG impact. It also adds one more “touch” they get from you… and the more touches they get from you, the higher your lifetime customer value. (Especially in the “honeymoon” phase… the first 90 days of them becoming a customer.)
Here’s how important I think it is to send a stick letter.
I was in such a hurry to travel to Colombia last month I forgot to leave my special stick letter paper and envelopes with my gal Friday who helps with the fulfillment packages for new knights in my Marketing Camelot.
You see, I absolutely INSIST a specially formatted stick letter goes out to each and every new knight. And I insist that it go out the very day we receive the order… or if the order comes in after [5:00] PM then it goes out the very first thing the next morning.
I’m not doing this just to be a nice guy. These stick letters (when done using my special techniques) really make a BIG difference in customer retention and LCV.
Several new people got knighted while I was down in South America and my gal Friday didn’t have the materials to send out the special stick letters.
What did I do?
Rather than waiting to send the stick letters until I got home (that would have been a costly mistake), I went to Office Depot in Colombia (yeah, they have those down there) bought a printer, bought my specialty stick letter paper and envelopes… and invested almost $200 EACH to send the stick letters to the U.S. and Canada via UPS international overnight.
Yup, you heard that right. Just to send a simple one-page stick letter…
I spent DOUBLE what the customer paid
for their knighthood!
THAT is how important the stick letter is. (And NO, as you’ll soon see if you choose to claim your knighthood in the Marketing Camelot, you can’t get the same results with e-mail.)
Here’s why I think my stick letter is so effective:
Almost NOBODY does anything like this. It hits the customer completely off guard. Sure, they expect you to send the product they ordered… but they sure as heck don’t expect a personal letter from the owner, telling them how much he appreciates their business.
Of course I’m simplifying things a little for the sake of brevity but the stick letter is just one part of my entire LCV-increasing strategy. But it’s a really important one.
When all my stick secrets (ESPECIALLY during the “honeymoon phase”) are humming along like a finely tuned machine, LCV quickly doubles… and…
Your Profits Go Through The Roof!
In fact, I’ve seen businesses experience a 1,300% increase in sales in only 5 months when all this stuff was implemented according to my instructions. (I share these secrets regularly with the knights in my Marketing Camelot.)
Look, you’re investing a LOT of time and money to get new customers… so doesn’t it make sense to invest a tiny bit more to maximize LCV and KEEP those customers as long as possible?
It can make the difference between having an “OK” business that just pays the bills… to having…
An insanely profitable “money machine” that brings in
the cashola faster than you can possibly spend it!
THAT is when business is fun.
Click here if you’d like me to help you make more cashola… and have more fun doing it, too.