HOW TO $125,000 IN 24 HOURS
A Rockefeller Foundation survey found that 68% of customers leave a business because they feel the company is indifferent to them. When all you do is focus on selling and billing people and have zero efforts in the way of relationship building and nurturing, then those 68% who leave you are right. For example, we’re switching our IT company right now because the two people I had a good relationship with from that company have left and the new people seem to care less about our issues, despite them telling us we’re their largest customer. Since the new owners bought the company, they’ve done nothing to get to know us, except ask us to sign a new contract and spend more money with them. We’re signing a new agreement with a different company today.
Once you understand that concept, you’ll start to see that how you make people feel is far more important to making sales and reducing customer churn than just telling them the facts about your products or services. Customers and prospects will find the facts or data they need to justify their emotions and buy from you or leave based on those emotions.
I got a call last night from a friend looking for advice on a business deal. There was a piece of property that a friend of a friend wanted to buy at auction so they could develop it into five four-plex buildings. As the story went, they needed $125,000 to secure the property. If my friend contributed, he would own the deed to the property and have an interest in the four-plex. Of course, other people were bidding on this property, and they needed the money right now. Initially, my friend said okay to the deal and was going to wire $125,000. But, for a variety of reasons, he didn’t feel right about it. He called me to ask my advice and see if I wanted to join in on this investment. My PG-13 answer was “hell no.” It appears my buddy realized that moving this fast and sending that amount of money to people he didn’t know was a bad idea, and that’s what caused him to have second thoughts and call me. The funny thing is that in business, so many entrepreneurs make rash decisions about all kinds of ventures with even less info than my friend had. Some entrepreneurs will decide within 10 seconds whether or not they think a marketing strategy works. After that, they make purchases or cancel deals with little or no data behind the decision. What you have to know is that people (even us entrepreneurs) make decisions based on emotions and typically use logic and facts to justify those decisions afterward. My guess is that had he wired the money, he never would have seen it again.
Relationship building is optional; it just isn’t
-Shaun
optional if you want to be successful and rich.
P.S. I need to ask for a favor. We’re looking for a few good entrepreneurs who understand the value of building relationships with customers and prospects. If you can help me by introducing them to us, not only would I be grateful but you’d also have the chance to win a brand-new Tesla. Go to Newsletterpro.com/tesla , and on the site, you can register and let us know which of your friends we should send one of my books to on your behalf.
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BUILDING RELATIONSHIPS TO HELP SMALL BUSINESSES SUCCEED.
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