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• Analyze your customer journey and identify areas for improvement, such as onboarding, support, or checkout process. • A 5% increase in retention, average order value, or repeat purchase frequency can have a massive impact on your bottom line, potentially generating hundreds of thousands or even millions in extra sales with minimal extra expenses. 3. Reactivate lost customers. 💌 • Reach out to inactive customers with personalized “we miss you” messaging and special offers. • Identifying and addressing their reasons for leaving can win back valuable business. 4. Mine your leads database. 🗂️ • Segment your leads by key characteristics and create targeted nurture campaigns. • Scoring leads can help prioritize your outreach efforts and close more sales. 5. Implement a referral program. 🤝 • Incentivize your best customers to refer their friends and colleagues with rewards for both the referrer and the referred. • Make it easy for customers to share referral links or codes through various channels (email, social media, etc.).
• Highlight successful referrals and the rewards earned to encourage more participation. By implementing these targeted strategies, you can deepen your relationships with current customers 🤗 , increase their lifetime value, and turn them into passionate advocates for your business. Small improvements in retention, average order value, and repeat purchases can compound over time, leading to substantial revenue gains without the constant need to chase new customer acquisition.
Don’t fall for the myth that keeps most businesses small. Instead, focus on getting the most out of what you’ve got through continuous optimization of your existing assets. By maximizing the value of your current customers, you’ll unlock the true secret to sustainable growth and long- term success. Remember, a mere 5% improvement in key metrics can result in a massive increase in profits, making these changes some of the most lucrative you can make for your business.
–Shaun
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