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- Nov 30 2006
- 19 Comments
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Hey Guys,
Here's a concept that can make you a TON of money.
It's called visitor value.
Now, you've PROBABLY heard of visitor value before.
But I want to explain why you're probably not paying as much attention to it as you should.
As you know, I'm a big fan of metrics. I think it's important to measure and improve everything you do.
Even if you don't measure everything all the time, it's good to establish benchmarks to see how well things are performing in your business.
Back to visitor value.
The reason visitor value is so important is that it gives you a bottom line figure that you can use to measure the effectiveness of your business. But wait, there's more!
By focusing on increasing your visitor value, you'll be improving all aspects of your business.
You'll have to offer better products, that in turn deserve higher price points.
You'll have to write better sales copy to increase conversion of visitors into buyers.
You'll have to offer up-sells and cross-sells to drive up visitor value even higher.
And what happens when you start doing these things?
You start acting like a real business.
While you may think visitor value is just a number, there's much more behind it. Multiple dimensions of profit can be discovered if you know how to analyze this critical metric.
We've only touched the surface of visitor value, so if you're not currently tracking it, then you should figure out how, as soon as possible.
And if you are tracking visitor value, then make a list with 20 ideas on how you can increase it, then pick the top three and start implementing them immediately.
To Higher Profits,
Rich SchefrenP.S. A lot of people are asking how to get into my coaching programs. But the short answer is there are no open spots at this time. I'll be making a few structural changes (to accomodate for my newer, more powerful material) and when I'm ready, I'll open the doors again. So stay tuned, but until then, I suggest you take a look at your visitor value!
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- May 18 2006
- 5 Comments
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Yesterday my group coaching call centered on customer lifecycles and how to use customer behavior metrics such as latency, frequency, recency, and monetary value to conduct predictive modeling.
The concept here is that the best way to predict a customer's future behavior is by their current behavior, especially when their behavior can be compared to the aggregate former customer so you can take preventive action and bring them back into your business.
On the flip side, you can also know in advance when a customer is displaying hyper-responsive tendencies so you can make sure that you put offers in front of this customer fast enough so they don't go somewhere else to quench their thirst for whatever it is you're selling.
But the question in the title to this entry is an important one, yet sadly, it's a question 99% of small business owners never even consider.
To make matters worse most small business owners don't really understand that their customer list is perishable and that without putting future offers in front of their customer lists they become an accomplice in degrading their business's #1 asset.
If you've never considered the above question then you are currently practicing "The Ostrich Theory of Customer Marketing."
This is where you operate under the false assumption that your customers are customers for life - unless they specifically tell you they are no longer interested in buying from you.
Just to be clear... Every person who ever bought from you is not the definition of a customer.
So, take a look inside your business and get come clarity about your customer life cycle. Then take it even further and define the latencies between each desired customer action.
Lastly, from now on when customers deviate from the customer life cycle don't stick your head in the sand; create an irrefutable offer that lures the customer back.
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