- Discover why valuing your existing customers rather than getting new customers is better and more advantageous for your business
- Learn more on how you can increase the lifetime value of a customer and how it will do magic for your business
- Find out why increasing just even a bit in your customer’s lifetime value is better than not increasing at all
- Wanting to Seek Breakthrough and Level Up Your Business? Learn more about the proven formula that will help you save time, increase profits and maximize results: findmyprofits.com
Are you constantly struggling with keeping existing clients and finding yourself wanting new customers?
Have you wondered what you can do to keep your clients happy and your business running?
Do you want to know how you can effectively increase the lifetime value of a customer?
Kenny Harper is the founder of The Growth Amplifiers Podcast & Magazine. Kenny highlights B2B business owners sharing proven systems and strategies for business growth, personal development, and more fulfillment.
In this episode, Kenny talks about what you should be doing and what you should be ditching especially when wanting to keep existing clients and chase business growth. He also shares his insights on how the lifetime value of a customer is crucial to your business and profit growth.
Check out these episode highlights:
- 01:20 – Kenny’s ideal client: “The ideal client is a business advisor, a business owner that works with other businesses to help them succeed. And they are looking to improve their business, increase revenues and profits.”
- 01:48 – Problem Kenny helps solve: “A lot of business owners are struggling with time. They’re being saturated with all these different things they have to do. And maybe they’re chasing after the new customers they need to have.”
- 02:42 – Typical symptoms that clients do before reaching out to Kenny: “They don’t know what they don’t know. They have a blind spot that they’re just not aware of, or they have a bottleneck. And they’re struggling to try to get past a threshold.”
- 04:10 – Common mistakes that people make before they find Kenny’s solution: “Number one, they’re not tracking the profit drivers, looking at the leads that they’re generating, how effective they are with the leads that they do get. You know, are they converting them into sales?”
- 05:45 – Kenny’s Valuable Free Action (VFA): “So the first thing I would get someone to do is to start identifying where they’re at now, and start creating some goals of “What if they increased the average lifetime value of a customer, even by 5%, 10%, 20%?” Run the numbers.”
- 07:00 – Kenny’s Valuable Free Resource (VFR): Check out Kenny’s Website: findmyprofits.com
- 07:27 – Q: Why growth amplifiers? A: Everyone has the opportunity to amplify their business. You have something that’s amazing inside of you. And when you put attention to it, you turn up the levels, you get better results.
Tweetable Takeaways from this Episode:“Take action, claim your stage, and amplify your business.” -Kenny Harper Click To Tweet
(Note, this was transcribed using a transcription software and may not reflect the exact words used in the podcast)
Tom Poland 00:10
Greetings, everyone, and a very warm welcome to another edition of Marketing the Invisible. My name is Tom Poland, beaming out to you from little Castaways Beach in Queensland, Australia, joined today by Kenny Harper. Kenny, good day! A very warm welcome, sir. Where are you hanging out?
Kenny Harper 00:23
I’m hanging out in Jacksonville, Florida.
Tom Poland 00:25
Kenny Harper 00:26
In the United States. Yeah.
Tom Poland 00:27
Of the U.S. of the good old A. For those of you who don’t know Kenny, he’s the founder of the Growth Amplifiers Podcast & Magazine. He highlights business-to-business business owners sharing proven systems, strategies for business growth, personal development, and more fulfillment– which we just can’t get enough often. Kenny, very easy for people to lose sight of that last one. So the title of our interview is actually gold in this title. It’s, “How to Effectively Increase the Lifetime Value of a Customer”. And Kenny’s going to share with us how to do that in just seven minutes. But folks, I’ll let Kenny explain more, but so often we think of the value of a customer as being that one sale, that one transaction, but it can be so much more than that. So let’s rock and roll, Kenny! Question number one, sir. Sorry, our time starts now. Question number one is who’s your ideal client?
Kenny Harper 01:20
The ideal client is a business advisor, a business owner that works with other businesses to help them succeed. And they are looking to improve their business, increase revenues and profits. They have the attitude, expertise, and drive to take new actions and achieve new results.
Tom Poland 01:38
Thank you, sir. And so the problem you solve for them, and in particular– question number two. Six and a half minutes left. What’s the problem you solve for them? And can you explain a little bit about this lifetime value thing while you’re at it?
Kenny Harper 01:48
Yes, so a lot of business owners are struggling with time. They’re being saturated with all these different things they have to do.
Tom Poland 01:55
Kenny Harper 01:55
And maybe they’re chasing after the new customers they need to have. And they’re so focused on that, getting the initial sale, they failed to look at businesses that are really successful or can be the most successful when they take it to the next level by increasing the lifetime value of a customer. By ascending that relationship, extending it right, done efficiently and effectively.
Tom Poland 02:18
Because I think the American Marketing Research Association found that it was five times easier and, I think, 20% less the cost of having existing clients buy again, rather than finding a new one. So what are some of the typical symptoms? If someone needs to know more about this, what’s going on in their business that would cause them to think I better find out more about what Kenny Harper does?
Kenny Harper 02:42
Sometimes, they don’t know what they don’t know. They have a blind spot that they’re just not aware of, or they have a bottleneck. And they’re struggling to try to get past a threshold. And they’re thinking, “Oh, I don’t know if I could take on a bunch of new customers. I don’t know if we have the bandwidth to do it.” Well, we explore other ways that they can take on new customers, increasing their lifetime value, and providing more value, creating raving fans, and more profitability. And it just takes some creative solutions in order to do that effectively.
Tom Poland 03:13
So it’s the feeling that they’ve got, perhaps, supply issues or their bottleneck. They’re probably going to be they’re going to be wondering if they could have got more out of a client. They’re going to be wondering why clients aren’t coming back, that sort of thing as well?
Kenny Harper 03:28
Right. A lot of people sometimes think, “Oh, we don’t want to continue selling to our clients.” Well, if you’re providing more value to your clients, you’re ultimately helping them get more of what they want. And it’s a win-win to ascend a client in the value that you provide to them. You have to have a goal and then take new actions to achieve new results.
Tom Poland 03:50
Thank you for that! Question four and there’s just under four and a half minutes left. We’re talking about some of the common mistakes that people make when they’re trying to solve this problem. What do you see folks doing out there, the business to business owners, that- they understand they’ve got a bottleneck. They’re trying to amplify their growth. What do you see as the common mistakes that they make rather than having a look at your solution?
Kenny Harper 04:10
Right. So number one, they’re not tracking the profit drivers, looking at the leads that they’re generating, how effective they are with the leads that they do get. You know, are they converting them into sales? When they do get customers, do they have goals set for increasing the lifetime value of a customer? Do they have strategies put in place?
Tom Poland 04:29
Kenny Harper 04:30
When we get so tunnel vision on doing the same thing we’ve always done and just getting caught up in the whirlwind of the day-to-day business, that we’re not exploring what’s possible. And then really being focused on taking actions that would be the most impactful, take the least amount of time, and have the least cost.
Tom Poland 04:47
It could be something as simple as having a schedule, you know, so many months or so many years. Nurturing clients after they have bought and not forgetting about them, but having an offer ready for them to go at a certain point in time.
Kenny Harper 05:00
Having an offer ready, exploring different ways of positioning the offer, or exploring the ways to stack the value in an offer. All these different things can change what’s possible for a business. And sometimes it’s just little tweaks in just a few areas that can have a big impact on the bottom line.
Tom Poland 05:19
Right. And I just love the whole idea of let’s just sit down and actually work out a frickin’ plan for how we can add more value and take more money from the client, ethically, etc, with full value on an ongoing basis, rather than just doing the one-off sale. Thank you for that! Two and a half minutes left. Question number five, valuable free action. Sort of like a top tip someone could sit down and go do this thing, probably not going to solve the whole problem, but it might take them a step in the right direction.
Kenny Harper 05:45
So the first thing I would get someone to do is to start identifying where they’re at now, and start creating some goals of “What if they increased the average lifetime value of a customer, even by 5%, 10%, 20%?” Run the numbers. You may be amazed to see how much of an impact just a small shift in increasing the customer lifetime value by a small percentage would have on the bottom line. Let alone when you start thinking creatively, it could be thinking, “What if you increase it by 50%, 100%, 200%?” Again, when you provide massive value and transformation, you can achieve that. It really can be a game-changer for any business.
Tom Poland 06:27
In fact, people will be looking to pay you more money, looking for more opportunities to spend money with you because you’ve given them that transformation. There’s that old formula I can’t quite remember, but it’s something like, you know, “If your client buys an average of twice a year, let’s do the math and see what happens if they bought three times.” Let’s do the math and see if we combine that with a 10% increase in prices. And instead of them buying, just say, three years, and if we’ve extended that to five years, that could make a powerful difference to someone’s bank account. And a valuable free resource, Kenny. Where can people go to find out more about you, your work, and more ideas?
Tom Poland 07:07
Kenny Harper 07:07
I scored a free digital copy of this. And these are free to implement actionable ideas that are easy and effective.
Tom Poland 07:15
Kenny Harper 07:16
It’s all about taking new actions and getting new results.
Tom Poland 07:18
Findmyprofits.com. Go get it, folks! And we’ve got 40 seconds left. Kenny, what’s the one question I should have asked you but didn’t?
Kenny Harper 07:27
How do I have such cool hair?
Tom Poland 07:30
No, I was- there’s no hope for me, so I wasn’t going toask it. But tell us how do you have such cool hair?
Kenny Harper 07:35
I’m just joking! Yeah, maybe? Maybe an interesting would be, why growth amplifiers?
Tom Poland 07:41
Yeah, why? At 15 seconds, why growth amplifiers?
Kenny Harper 07:45
Everyone has the opportunity to amplify their business. You have something that’s amazing inside of you. And when you put attention to it, you turn up the levels, you get better results. So take action, claim your stage and amplify your business.
Tom Poland 07:57
Perfect! Kenny Harper, thanks so much for your time.
Tom Poland 08:01
Thanks for checking out our Marketing The Invisible podcast. If you like what we’re doing here please head over to iTunes to subscribe, rate us, and leave us a review. It’s very much appreciated. And if you want to generate five fresh leads in just five hours then check out www.fivehourchallenge.com.