Your Customers Worth

We often forget the real value of our customers and the long term impact that they have on our business operations. In most businesses, unfortunately, the focus is solely on the individual sale that is attained within a specific time of reference. Businesses focus strictly on the point of sale for the most part and not on the customer.

What we seem to forget as business operators, managers, etc is that the customer represents on going income and in most cases the customer life cycle can extend far into the future. If the customer recieves expectation fulfillment from the experience that they have with your business, your services or the product/products that you offer, there is roughly a 70% chance that that particular customer will return and make another purchase of a similar kind. The length of time between purchases would depend on your products life cycle and the customers rate of use.

It has been my experience that when the customer returns they ussually add to the list of product or services that they originally purchased and broaden the customers buying circle. So the question here is how are you managing your customers experiences and in what way do you evaluate the worth of that customer.

In recessions and down turns a customers loyalty to a particular brand, product or business is what brings a business through the rough times. It is the percieved experience of any particular customer that builds that loyalty. Did you fullfill your brand promise. Maybe this should be the focus that a business uses when setting up their recession survival strategies?

We invite your comments as always.