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LET IT SPREAD LIKE WILD FIRE: THE POWER OF REPEAT AND REFERRAL BUSINESS Lisbeth Calandrino www.Lisbethcalandrino.com
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Page 1: IGNITE YOUR BUSINESS!

LET IT SPREAD LIKE WILD FIRE: THE POWER OF REPEAT AND REFERRAL

BUSINESSLisbeth Calandrino

www.Lisbethcalandrino.com

Page 2: IGNITE YOUR BUSINESS!

TWO WEEKS AGO I CONDUCTED SOME RESEARCH

WITH MORE AFFLUENT CUSTOMERS

Page 3: IGNITE YOUR BUSINESS!

THE RESULTS SUPPORT THE NATIONAL TRENDS

Page 4: IGNITE YOUR BUSINESS!

CONSUMERS ARE RELUCTANT TO SPEND

Page 5: IGNITE YOUR BUSINESS!

IT’S TIME TO GO BACK TO THE OLD DAYS WHEN

RELATIONSHIPS MATTERED

Page 6: IGNITE YOUR BUSINESS!

THERE WAS A LITTLE ITALIAN MAN WINE MAKER WHO

DIDN’T HAVE AN ADVERTISING BUDGET

HIS NAME WAS TONY

Page 7: IGNITE YOUR BUSINESS!

HE ONLY KNEW HOW TO DO ONE THING, THAT WAS “BE NICE” TO HIS CUSTOMERS

Page 8: IGNITE YOUR BUSINESS!

TO SHOW HIS LOVE FOR HIS CUSTOMERS, HE INVITED THEM FOR DINNER AND COOKED

Page 9: IGNITE YOUR BUSINESS!

HE KNEW THE BEST WAY TO GET PROFITABLE CUSTOMERS WAS TO HAVE THEM BRING IN THEIR FRIENDS

Page 10: IGNITE YOUR BUSINESS!

HE KNEW THERE WAS ONE REASON TO BE IN BUSINESS, AND THAT WAS TO LOVE HIS

CUSTOMERSS

Page 11: IGNITE YOUR BUSINESS!

WITH BUSINESS BEING SLOW EVERYONE LOOKS FOR “NEW”

CUSTOMERS

Page 12: IGNITE YOUR BUSINESS!

THE PROBLEM IS THAT NEW CUSTOMERS CAN PUT YOU OUT OF BUSINESS

• Spend $300.00 a week and get 30 New Customer

• Customer spends $5.00; $2.50 is profit and $2.50 is hard cost.

• Has actually lost $5 on each new customer.• If of those 30 new customers, 20 never came

back, the bakery has actually lost $100 Action International, “the cost of acquisition”.

Page 13: IGNITE YOUR BUSINESS!

THE REAL KEY IS LOYALTY. DOES

LOYALTY MATTER?•  For every 1% improvement in your

customer retention rate, operating income will improve by 20%

• A 5%  reduction in customer defections can lead to an 85% boost in profits.

• Customer loyalty generates operating margins of 13%, while laggards had margins of just 2%? 

Page 14: IGNITE YOUR BUSINESS!

HOW MUCH DOES LOYALTY MATTER?

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DO YOU KNOW WHY YOUR CUSTOMERS LEAVE?

68% Leave because of “perceived indifference”

14% Leave because of dissatisfaction

9% Leave because of competitive reasons

91% of customer defections can be impacted by staying in touch! What are you doing to “stay in touch?”

Richheld and Sasser study, Harvard Business Review

Page 16: IGNITE YOUR BUSINESS!

IT’S TIME TO PUT SOME HEAT INTO YOUR BUSINESS!

• Rules of engagement have changed

• Less customers, changing demographics, less money

• Building less customers but better customers

Page 17: IGNITE YOUR BUSINESS!

1.DO WHATEVER IT TAKES TO BUILD A RELATIONSHIP WITH YOUR CUSTOMERS

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GIVE THEM WHAT THEY NEED

Page 19: IGNITE YOUR BUSINESS!

CUSTOMERS WILL PAY FOR EXPERIENCES

• There was a hotel in California that had free manicures and shoe shining on Thursdays. Guests booked their stays around these services. How about Yoga and Pilates? (That’s what JC Penny is doing)

• Parties, meet other guests, have fun

LOYALTY

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CLUBS, GAMES AND EVENTS

• In order to build loyalty you must keep in touch.

• Video or direct mail• www. sendoutcards.com/lcalandrino

Page 21: IGNITE YOUR BUSINESS!

YOU MUST MAKE GETTING CUSTOMER’S ADDRESSES A PRIORITY• “We would love to have you on our

mailing list, preferred customer list or special offer list..”

• Keep track of points, Staples rewards, Panera Bread, Starbuck points—reward the loyal customers. The ones who keep coming back.

• Get their birthdays, anniversaries, kids birthdays—anything personal so you can connect

Page 22: IGNITE YOUR BUSINESS!

2. IF YOU’RE DOING B to B TREAT YOUR CUSTOMERS AS BUSINESS PARTNERS

• You need to understand their business as well as they do

Page 23: IGNITE YOUR BUSINESS!

3. YOU ARE IN CHARGE OF YOUR OWN BRAND IMAGE

You don’t have to have the most money, you have to have the most knowledge and be willing to stay on top of it.

Page 24: IGNITE YOUR BUSINESS!

4. THE KEY TO YOUR SUCCESS IS CONSISTENCY

• Everyday get emails and addresses

• Build your data base• Follow through with

your customers• Build your niche

Page 25: IGNITE YOUR BUSINESS!

WHERE ARE YOUR

CUSTOMERS?• The average business loses 10% of

it’s customers yearly, not because of price.

• 85% of customers interviewed said they will pay 10-15% higher prices if the customer service is great.

The key? Consistency!

Page 26: IGNITE YOUR BUSINESS!

YOU DON’T NEED ALL THE CUSTOMERS JUST THE PROFITABLE ONES

Page 27: IGNITE YOUR BUSINESS!

5. THESE DAYS YOU NEED TO PARTNER UP, SHARE RESOURCES AND DOUBLE TEAM THE CUSTOMER!

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GET EVERYONE EXCITED AND ON THE SAME PAGE

• You’re heading into your season; this is the time to build relationships and find partners that will last you through the year.

• Get them jazzed!

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HERE ARE THE 5 KEYS:

1. Build loyalty2. B to B partnering3. Take charge of your

brand4. Consistency5. Partner up!

Page 30: IGNITE YOUR BUSINESS!

COMMENTS?

Page 31: IGNITE YOUR BUSINESS!

Lisbeth Calandrino

Helping businesses build loyal relationships through customer

service and sales training518.495.5380

[email protected]

New York State Media Grouphttp://capitalbusinessreview.com/