The Benefit of Being Outrageously Generous with Your Customers
There is so much to be said for being outrageously generous with our customers.
When you embrace generosity, what you're really doing is tapping into a spirit of abundance and guess what?! Abundance creates more abundance.
My best ideas that have grown my business the most came from a place of "How can I GIVE more?"
When you’re not being generous, chances are, you are acting from a space of scarcity - of feeling like there is not ENOUGH-ness.
Operating from a space of scarcity is really operating from a space of desperation and desperation pushes what you want away from you.
Look at the decisions you're making on a day to day basis in your business and ask "Am I making this decision from a feeling of lack or from a feeling of expansion?"
Being a giver requires us to THINK BIGGER. And when we think bigger, our businesses will start to reflect that and grow bigger.
Here are the stats I read in my convo with Aimee about why taking care of the customers you already have is such a BIG deal (from https://www.hellobar.com/blog/customer-retention-as-primary-focus/) :
⭐Acquiring a new customer can cost 6 to 7 times more than retaining an existing customer. (Bain and Co.)
⭐On average, loyal customers are worth up to 10 times as much as their first purchase. (White House Office of Consumer Affairs)
⭐Existing customers are 50% more likely to try new products, and spend 31% more than new customers. (The Nielsen Survey)
⭐The probability of selling to an existing customer is 60 – 70%. The probability of selling to a new prospect is 5-20%. (Marketing Metrics)
⭐66% of US consumers spend more on brands to which they are loyal, 55% of US consumers recommend brands or organizations to which they are loyal to their family and friends, 12% will even publicly endorse or defend a brand or organization on social media. (Accenture)
⭐The cost of bringing a new customer up to the same level of profitability as an old one is up to 16x more. (SocialAnnex)
Businesses which boosted customer retention rates by as little as 5% saw increases in their profits ranging from 5% to a whopping 95%. (Bain and Co.)
⭐Building loyalty with 5% more customers would lead to an increased average profit per customer of between 25% and 100%. (The Loyalty Effects)
Does all this inspire you to start thinking about what you’re doing to serve your customers in a bigger way? Let me know in the comments below!