02: How Much Is A Client Worth To Your Business?

Many businesses never take the time to consider where their clients come from, how they find out about the business, and why they decide to use that business's services or buy their products. Businesses then don’t know where to spend their advertising money or their time and resources to acquire new clients. In this episode, Sharon shares two experiences of conversations she had with a business coach who didn’t know who his digital agency was targeting for new clients, and then a customer who went to a new hairdresser and didn’t have a great experience.  Isn’t it worth less than 20 minutes of your time today to listen to this episode, in case you can learn what you can do to help your business grow and prosper?In this episode, you will learn: How to look at where you are spending your time and money to gain new clients. Are you even tracking how new clients find your business, because many businesses don’t even think of doing this? If not, then they are possibly wasting their money, time, and resources in the wrong places.  Do you empower your staff in some way to fix situations when a client isn’t happy with the service or product they have paid for? If not, then this episode may give you some things to consider changing.  Points To Ponder: # 1  Do you currently have Standard Operating Procedures within your business (even if you are a solopreneur) so that everyone understands what they can do when a client complains or is unhappy? I also mentioned SOPs and why they are important in episode 1.  So, consider going to listen to that episode, if you haven’t done so already.  # 2 Have you worked out the cost to acquire a new client for your business and looked to see how effective your current methods are?  And, do you know the lifetime value of your client so you know how much you can spend to acquire a new one? # 3  Do you ever ask a new client how they heard about you? This question is often overlooked by a business when it gets a new client.  This would help you know where to spend your time, resources, and money better.