(By Gil Gerretsen) The leaders of great businesses are economically and profit oriented, and as a result, have a penchant for creating businesses with lots of repeat customers. If you want to create wealth from your business, that’s how you do it!
Repeat customers are the ones that drive large profit margins. Having lots of returning customers means you don’t have to work as hard, nor spend as much money, attracting a new one. Repeat customers are also more likely to refer friends of comparable quality and value.
However, don’t think you can sit back and rest on your laurels. Even the most loyal customers need a reason to keep coming back, so super successful leaders are always looking for new ways to draw them in, often seeing and creating what they need long before those customers even knew they needed it.
What if you have a product or service that people don’t use frequently? Then change your thinking about who you might need to cultivate. Repeat referral sources … people who consistently send others to you … can also be a gold mine.