The Value of Lifetime Customers

There's an old truth that one customer, well satisfied, is worth a fortune. Over and over again, I work with companies who are determined to improve their advertising to attract new customers. They spend fortunes looking for better copy, the write spokesperson or the right "media mix." All the while, current customers are evaporating or (worse) doing business with their competitors.

There's a wonderful old story about a couple looking for a hotel on a rainy, dreary night. At last they pull up to a small hotel in a rural Pennsylvania town, go inside, but are told the hotel is full. Seeing their fatigue and despair, the young man behind the counter offers to let them use his own quarters, a small room in the back of the building.

In the morning, the couple is so grateful and impressed, the husband promises that someday he will open a hotel and hire the young man to manage it. Time passes, and one day the young man gets a call from that weary traveler. It seems he has opened the Ritz Carlton Hotel in New York and would like the young man to manage it.

I have no idea if that story is true, although I've heard variations of it for many years. The point, however, is clear: Every customer is potentially worth a fortune!

It is always easier and more profitable to keep a customer than to attract a new one. Advertising is expensive! Negotiating the first sale, learning the needs of the customer and serving them well is difficult. To grow your business, focus on repeat sales.

Your customers are your best source of new ideas and innovations to put you ahead of the crowd. Listen to them, honor them, go the extra mile and work with your customers to achieve what you both want: a satisfying and profitable long-term relationship.

See you at the top!

Dustin Craig Mitchell

Attracting Wealth (Money)

Making money is an interesting hobby. There is lots of money in the world. The world is awash with it! There is more money floating around, changing hands and making people wealthy than ever before, and yet many of us find it difficult to keep enough of it for ourselves. How can that be?

Here's a simple rule: Making money is hard; being of service is easy.

And here's the brilliant corollary: If you can serve enough people, they will give you money out of gratitude.

Too many business people go directly for the money and find it awfully hard to get ahead. Money does not want to be trapped or tricked or corralled. Money is a reward for the service we provide to others and in some strange way, it flows to those who serve.

Do you need a good business plan, good people and good products? Of course! But the primary focus must be on providing value and serving your customer. If you do that, and do it with honesty, style and enthusiasm, the money will follow. It always has and always will.

We all prefer doing business with people we like and trust. We prefer doing business with people who make things easy, who serve us well, who stand behind their product or service, and do it with an easy smile and lots of grace.

Only rarely is a deal based primarily on price. I routinely drive past businesses (grocery stores, lawyers, repair shops) who might offer a lower price in order to do business where I have confidence in the service I'll receive. I bet you're the same way and in business, you want to use that to your advantage.

Find a way to provide extraordinary service and the money will follow. That's been my experience and I trust it. I think it'll work for you, too.

If you would like coaching to improve your bottom line and the quality of life you experience in both work and play, contact me. Let's make the future far more profitable (and fun!) than the past.

Dustin C. Mitchell

Surving & Thriving On Chaos

There is no doubt about it...things are chaotic today. In the past two weeks one airline has canceled 3000 flights (yikes!) and three airlines declared bankruptcy. We all know about the mortgage crisis and problems in the housing market. And of course, it's an election year. Chaos reigns! And winners will find a way to thrive on it.

The most effective people in the new century will be those who thrive in a world of chaos. They do not believe the world is actually "chaotic" because the laws of cause-and-effect still apply. You still get results based on intelligent action and focused effort. But they understand we live in a world that "seems" chaotic and they thrive on it.

Peak performers in the 21st century will be comfortable with ambiguity. They know they will never have enough information. They know the rules are constantly changing, and yet they play "flat-out" because they expect to win. They know that action and calm, purposeful effort in the midst of the storm are still the keys to success.

I'm intrigued by how easily disrupted our lives are. From speaking with people who were at the airport this week, the variety of responses was mind-blowing. Thousands of people were upset, angry, tense or confused. But here and there, little clusters of people were getting work done. Sure they were tired and sometimes hungry, but they were on their computers or cell phones. Or they were taking naps, reading, playing cards or talking with other stranded travelers.

In the midst of chaos, winners do not fall into over-whelm and dysfunction. They get things done. As the old cliché says, When life gives them lemons, they make lemonade.

Several things are necessary to thrive in the midst of chaos

1. Exceptional boundaries. Winners structure their own lives and refuse to get caught up in other people's drama. They know how to close their doors and ignore disruptions. They know where they are going and they tolerate few, if any, distractions.

2. Exceptional vision. They know their priorities and their desired outcomes. They know what they want and they can see, taste, smell and even touch their results in advance. They have goals rather than mere hopes or dreams.

3. Exceptional self-direction. Winners are in charge of their lives and chaos around them is merely someone else's drama swirling nearby. They maintain their inner calm. They are not easily lost or confused. They know their priorities and their direction, even when their flight is canceled.

4. Exceptional optimism. They see chaos as opportunity. Chaos "stirs the pot" and opens doors. Rather than annoying or frustrating them, they love it! On a wild and windy day, a rainbow may appear at any moment and they welcome it.

5. Exceptional Reserves. They take care of themselves. They eat well, rest often, save and invest wisely and when opportunity knocks, they are waiting to answer the door. They operate from strength and stability, while a chaotic world wreaks havoc on the competition.

6. Exceptional response-ability. Rather than reacting from anger or anxiety, they see an ever-changing world and thoughtfully respond to opportunities that present themselves. Most people react; winners respond.

John Lennon observed that "life is what happens while you were making other plans." Life will not wait until we are ready or until we catch our breath. Winners thrive on chaos. They'll see and seize opportunities, and they'll love the wild ride. In a world swirling with change and chaos, they invest in themselves and they get things done.

See you at the top!

Leverage Your Assets

Every business contains a wealth of undiscovered and unused assets, and often I have the opportunity of helping an owner or manager utilize those assets far more profitably.

Your database of customers and clients, even your list of competitors, are incredibly valuable assets! How could you expand your network, or your community, and provide value to these people? Find the answer, and watch your business explode!

Here's a small example from one of my customers. A Chiropractor routinely closed her office each evening and the building sat empty. By allowing other professionals (her colleagues and her "competition") to use the building for workshops and seminars, she earned a small amount of rent, but more importantly, those people were advertising her location and building her reputation in the community. The synergy proved extremely profitable!

Thousands of businesses have discovered the value of "joint venturing" by allowing another business to announce a special service to their current customers. Others have discovered new markets or new uses for established products and seen their sales skyrocket!

What assets are you sitting on? What tools, knowledge or skills are not being shared with the world and not being used to expand your profits and enhance your community? Find those hidden assets and put them to work!

Dustin C. Mitchell