customer for Life

“A customer for life means revenue for life”!  It simply is not possible.  Let me explain.

I know that you do not have the advantage of a company operating in a monopolistic market. That is, “the seller faces no competition and is the sole seller of goods with no close substitute” (Https://economictimes.indiatimes.com/definition/Monopoly).

Being the sole seller of a product is, no doubt, a small business owner’s dream with a guaranteed revenue stream. So how does this relate to you? You have competition, and your customer can acquire your product or service from someone else.

Well, “Customer for life” is a mindset. It is a mindset that every staff member from the top to the bottom of the business must adopt.  It is a mindset that begins and ends with valuing your customers. So, when they want their hair styled, nails polished, car fixed, house painted, or they are going out to dinner, they think of you and patronize your business.

Why? Your service or product is first-class. The price is fair. You correct your mistakes if you should fall short. You respect your customers and value their business.

As a small business owner, I encourage you to embrace this mindset because your business will grow.  So, what do you have to gain? “Customer for life” equals “Revenue for life”.

This way of thinking is important when putting together your budget.  To learn more, our online Elearning program shows you how to develop a revenue budget, https://learningmovesmountains.com/small-business-financial-management-program/ .