FMF034 - Retention: Fixing Holes In The Leaking Bucket
Focusing on attracting new people into your business is essential, but don't forget about the people you already have in your database, they need to be nurtured. You need to have a well-developed retention process/strategy, otherwise, your business is like a bucket full of holes, and no matter how much water you pour in, just as much water flows through the holes and is lost. This happens in many small businesses, which is why they 'must' keep attracting new people into their business. Your goal is to patch up these holes before they become rusty, or too big to fix. What's the point of doing all the hard work to make someone aware of the services you offer, only to see them leave your business and end up with your competitors? It’s important to understand the lifetime value of an average patient/client/customer. If you just focus on the immediate sale and not the long-term value, you're leaving a lot of money on the table....