Profit Activator #7 – Nurture lifetime relationships and focus on lifetime value.
Here are some of my favorite quotes:
“If you started looking at the lifetime value of somebody the moment you meet them, it will change everything about the way you think about your business.”
“I always use a 20% annual yield from what I call your relationship portfolio.”
“Everybody will refer someone within the next 5 years, or they’ll do another transaction with you, that’s where your after unit is really coming in.”
“Billions of dollars are never generated, never realized, simply because of the neglect or absence of an After Unit in most businesses.”
“So I look at anything you’re doing in your after unit, especially in the nurturing of lifetime relationships as first and foremost really about repeat business insurance.”
I am going to calculate what a 20% yield from my After Unit would look like.