By cutting attrition by as little as 30%, you’ve effectively increased your profits by 30% without needing to spend money on advertising, prospecting and other acquisition expenses.
Portsmouth, NH (PRWEB) October 31, 2011
According to a study conducted on October 28, 2001 by a leading small business marketing company, PredictableProfits.com, it’s estimated that millions of entrepreneurs and small business owners falsely believe that the key to increasing their profits is to invest in advertising and sales to attract new prospects and convert them into paying customers.
“While many business owners spend thousands of dollars trying to get new customers in the front door, they’re losing existing customers out the back door,” says small business marketing expert, Charles Gaudet.
Customer attrition is a term commonly used to describe the percentage of customers that discontinue doing business with your company.
Every existing company experiences customer attrition to some degree or another, but most entrepreneurs and small business owners fall short in understanding that a great number of their customers would come back and continue spending money with them if given the opportunity.
Research has shown that many customers stop doing business with you because of an interruption in their busy lives or something happened to them (for example, they got sick or had unexpected travel). Depending on the business, many business owners would be surprised to learn that a large portion of their customers didn’t stop buying from them because of any dissatisfaction with their service.
Gaudet states: “By cutting attrition by as little as 30%, you’ve effectively increased your profits by 30% without needing to spend money on advertising, prospecting and other acquisition expenses. Now, making this happen is a lot easier than one might think. Simply reestablishing contact with your prospects and offering them an incentive to continue doing business with you is enough to get many of your customers back into the buying process.”
This communication may come in the form of a well-crafted marketing message delivered in print (email or mail) or personally over the telephone and a special offer going to only those preselected customers that’s limited by time or supply.
For more information on reducing your customer attrition or for a custom marketing strategy created for your company, visit http://www.PredictableProfits.com/services.
ABOUT CHARLES GAUDET: Gaudet is widely regarded as a marketing expert for consistently delivering windfalls of profits to his clients by unveiling opportunities that have been previously under-utilized or have gone unnoticed. Gaudet has traveled much of the world studying from business, political and social leaders studying entrepreneurial, marketing and business excellence. He is the founder of PredictableProfits.com.
ABOUT PREDICTABLE PROFITS: Predictable Profits is a leading small business marketing company and a division of Managed Marketing, LLC. The company specializes in finding overlooked marketing opportunities commonly found in most small-to-medium sized businesses and creating actionable marketing strategies for increasing a company’s profits. You can read more about Predictable Profits by visiting the company’s website at http://www.PredictableProfits.com.