I want you to think about what you’d look at if you’re looking at buying any type of business. You’d look at the inflow of traffic, at existing customers, and be-back customers – customers that return to buy over and over again. In this video I get into the best customer an entrepreneur can have, and how they add to the value of your business.
At the beginning of your pipeline, you have new customers. New customers could be cold, warm, or hot market.
You may have no clue who the people in your cold market are. You have to do a lot better job selling to your cold market. Your warm market is someone that was told about you, and they're coming to check you out, but they're easier to sell to than your cold market. Your hot market is the "me too" customer. They see what someone else you've done business with has gotten from you, and they want it too. They say, "I want exactly what he bought."
Then you have your be-back customers. Be-back customers have already bought from you, and they want to buy again. In real estate, it could be that they want to buy another house from you. It could be someone wanting to buy another loan or insurance policy through you, or someone that wants to do an investment through you. They may want you to help them with their social media, or upgrade software they previously purchased from you. You always have an opportunity to upsell to the be-back customer.
One example is Facebook; you may want to boost different Facebook posts over time. Google AdWords is another example; you may want to run multiple Google AdWords campaigns. Regardless of where you go, be-back customers are very important.
At this point you may think that the most important type of customer is the be-back customer. That's partly true, but you need to take it one step further. The best customer is a be-back customer that keeps giving you referrals.
Why is this so important? It's because the referrals they give continually add people to your pipeline, and those referrals are hot referrals, and the easiest sales you can make are to hot referrals.
For more information on how to improve your sales process and increase business , check out this video:
A lot of entrepreneurs chase new customers, but the easiest way to grow your business is through "me too" sales.
In order to get more me-too sales, you first need to make sure to treat your existing customers very, very well.
Secondly, reach out to them again and again. The exception to this is that at times, you'll have customers that have already gotten what they want from you and don't want you to call them. But most of the time, the person that sold the product doesn't do a good job of calling the customers after the sale.
I want you to think about Google AdWords. I'm so impressed with Google. After purchasing Google AdWords one time, I constantly got people emailing me with messages like, "I'm your new rep, I'd like to talk to you on the phone and see how we can make your campaigns be more successful in the future." They do SUCH a great job with their existing book of business and they upsell me. They upsell me because they call me. So because they upsell me and call me and I know who my rep is, I know how to refer the rep to somebody else that needs to know them. Since I refer them to people I know and I have credibility with the people I refer to them, their pipeline fills up with hot leads.
So if Google is the number one search engine in the world that's sitting on God knows how much cash does this, what excuse do you have for not doing a great job with turning existing customers into be-backs and getting referrals from them?
The right customers that are the right referral sources can keep your pipeline full. As an example, a real estate agent with 10 very happy customers that are be-backs and refer others to them has all they need. In fact, some people say that you'll be set for the rest of your career if you have even just five happy customers that give you referrals on a monthly basis. This is true because if five happy customers each give you five referrals, that's 25 referrals. If you take those 25 new customers and make them happy customers, then your business grows exponentially. You can imagine what happens with the compounding efforts of it.
So sales is a very easy game. Entrepreneurship is a very easy game. It's a service game. It's a treatment game. It's a memory game. It's a taking-care-of game. If you do that part right, then your pipeline will always be full of people that want to do business with you.
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