“In the past a leader was a boss. Today’s leaders must be partners with their people… they no longer can lead solely based on positional power.”
~ Ken Blanchard
Most companies focus too much on getting new customers.
However, you should focus more on retaining your existing customers than getting new ones. Studies have shown that it costs up to 7 times as much to acquire a new customer than it does to retain an existing customer. The profit is in retaining customers and selling them more things (that they need) over time.
Let your competitors fail to make profits, burn out, and go out of business by exclusively focusing on acquiring new customers.
Don’t be afraid to invest money in retaining clients. Giving them gifts, special treatment, etc., may cost money, but it’s almost always worth it!
The right plan…
The right strategic plan for your business includes:
1) the best strategy to follow
2) a written roadmap so there’s no confusion as to what your team needs to accomplish and when
In no time, you’ll have a strong plan to follow so your company wins.
Why play the game of entrepreneurship if you’re not going to win?
Today’s Question: What popular video game company started out in the game card business?
Previous Question: How much was the creator of the now-famous Nike Swoosh symbol paid for the design?
The creator of the Nike Swoosh symbol was paid only $35 for the design. Oftentimes, the more you pay, the better the quality, but not always. We entrepreneurs need to be extremely thrifty at times; as was Nike founder Phil Knight in this case.
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