Where is your customer focus?
14 minute watch
Acquiring a new customer can cost five times more than retaining an existing customer. Increasing customer retention by 5% can increase profits from 25-95%. The success rate of selling to a customer you already have is 60-70%, while the success rate of selling to a new customer is 5-20%.
If you were to log all the hours in your working day and describe where your attention was being placed, how much time would be allocated to new business acquisition compared to the customer experience? For many small businesses it's on acquiring new customers, leaving little time for our current ones.
In this interview with customer journey mapping specialist Cheryl Lardner from Cherry Bamboo we explore the importance of keeping an eye on existing customers as well as looking for new ones and how to focus on what our existing customers want and need.
Guest Profile
Cheryl has over 20 years experience in sales, marketing and broadcasting. Her business Cherry Bamboo works with businesses both large and small on strategic marketing solutions based around detailed Customer Persona Development, Customer Journey Mapping and Audience Insight Surveys.
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- A BIPlan monthly Accountability process to support you on your journey to build a better business.
- Collaboration Hubs: Spaces to collaborate with like minded business owners for strategic partnerships, best practice discussions, brain storming, goal setting, accountability, shared ideas, feedback and support.
- Checklist Chats: Fortnightly Lunch and Learn Sessions with business experts to help you implement each area of your business improvement plan. (Commencing mid November 2020) (Recordings provided).
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Better Business Builders Community
A community of Aussie small business owners building Better Businesses for Good TOGETHER.- Access to past episodes of Better Business for Good TV along with a comprehensive library of business templates, checklists, e-books and guides. (New material added weekly)
- Your own BIPlan System® account where you can review your business practices, identify the strengths and weaknesses and create a long term business improvement plan.
- A BIPlan monthly Accountability process to support you on your journey to build a better business.
- Collaboration Hubs: Spaces to collaborate with like minded business owners for strategic partnerships, best practice discussions, brain storming, goal setting, accountability, shared ideas, feedback and support.
- Checklist Chats: Fortnightly Lunch and Learn Sessions with business experts to help you implement each area of your business improvement plan. (Commencing mid November 2020) (Recordings provided).
- Quarterly strategic planning sessions to review your progress and decide on your top priorities for the next 90 days (commencing Dec 2020).
- NO LOCK INS OR CONTRACTS - LEAVE WHENEVER YOU WANT!!