How to Think Like a Marketer

CHANGE THE WAY YOU THINK!
 
Simple, powerful focus of your thoughts and actions on the right thing always produces massive results. 
 
How would you like to double your business in 7 months and 7 days?  This week we will travel on a mission together to lay-in the wisdom to do just that.  Today, you need to learn to think differently, specifically - How to Think Like A Marketer!
 
4 - Simple (but not easy) Steps to Think Like a Marketer
If you want to double your business in 7 months and 7 days or less, you’ve got to sell a whole bunch of whatever it is you sell — to a whole bunch of customers.  “Thanks for that keen grasp of the obvious” — you might be saying to yourself! 
 
Just how do you do that??
 
Before I tell you how to do it (and I will teach you exactly how over the course of this week), you first need to adjust your mindset and simplify your thinking on how to grow your business.  This forms the foundation of this week’s theme - How to double your business in 7 months and 7 days!
 
The singular focus of a marketer is to grow the profit of a business by attracting more business, which for most people, typically means attracting a bunch of new customers.  But, that is just one way — Let’s clearly list all 4 steps to thinking like a marketer:
     1) Attract a constant stream of new customers;
     2) Get your customers to buy from you more often;
     3) Get them to spend more money each time they buy; and
     4) Equip your customers to become evangelists for your business
 
The order in which you implement the above four steps is determined by your own business situation.  For example, if you have a huge database of your current and past customers — many who haven’t bought from you lately, you are sitting on a priceless goldmine.  The two biggest mistakes most businesses make: 1 - Ignoring existing customers and 2 - Totally forgetting about past customers.
 
Do you realize that it costs between six and eight times more to sell a new customer than it does to resell one of your existing or past customers?  One of the fastest ways to increase your business is to maximize your profits from these existing and past customers.  You will be absolutely astonished when you see how much cash you are letting slip through your fingers right now!
 
What is the Lifetime Value of Your Average Customer?
To get a handle on this cash slipping through your fingers concept, let me ask you –
> What is the average lifetime value of your customers?  > Have you ever thought about it? 
> Do you have any idea what I’m talking about?
 
Don’t feel bad if your answer to the above 3 questions is “I have no idea”, “No”, and “No”.  The vast majority of businesses (a scary amount) are right there with you.  But, hey - you are about to rise up to a higher level of thinking - to the level of a true marketer!!
 
The concept of The Lifetime Value of a Customer will become one of the most powerful tools in your marketing arsenal.  Master it and you will accelerate the influx of cash into your business at an astonishing rate - enough to double your business in 7 months and 7 days — OR LESS! 
 
OK - first things first.  You need to do a little research (your homework for tomorrow) and come up with answers to the following 5 questions:
     1. What is your average sale?
(add up your total dollar sales for a year and divide that by the total number of sales transactions you completed)
     2. How many times a year does an average customer buy from you?
(Take your total number of sales transactions for a year and divide it by the total number of customers)
     3. For how many years does an average customer buy from you?
(If you do business locally, around 20% of the population moves every year, so this should probably be less than 5 years, but for some small businesses it could be higher)
     4. How many people does your average customer tell about you?
(you may have to guess at this one, typically it is between 2 - 10.  Generally, the better your customer service, the higher this number will be)
     5. What percentage of these people (from #4) actually become your customers?
(usually between 20% and 70%)
 
** You will Need Answers to Those Questions for Tomorrow**
 
DAILY PRAYER
Father, Keep me from pride and give me the humility to know that my best hope for the future starts fresh every day, praying for your wisdom and guidance for every step.  Lead me by your Spirit of wisdom and truth.  In Jesus name, Amen.
 
Please do the suggested research (your homework) so you get optimal value from the rest of this week’s “Weekly Trio”.  Your business, and your check book will be the beneficiary for your efforts!
 
Grace and peace multiplied to you!

Michael Stay