Here’s why we sell people as much as products. Would you rather hear a story about a person or a doughnut? Okay, admittedly some doughnuts are pretty fascinating. I mean I once had a profound interaction with a bear claw before I devoured it. But as a general rule people are more engaging subject matter. It’s next to impossible to empathize with an inanimate object or service.
So, let’s think about this. Take a doughnut shop customer. If they are loyal and frequent your doughnut shop 3 times a week for 50 weeks a year and spend 5 dollars a visit, that customer gives you $750 a year. Not the donut. You.
Let’s say the average sale in a clothing store is $90. If they don’t invest in you, they don’t come back, then you are looking at $90. If you connect and retain that customer, they could shop in the store four times a year. After 5 years, the lifetime value of that customer is calculated as LTV = $90 x 4 x 5 = $1,800. Much preferable than $90.
So how do we attract lifetime customers? PCS! Product Quality + Customer Service + Story = Lifetime Customer.
If you sell the best product, you are way ahead of the game. If you provide them with the best service, they will feel taken care of and come back. But if they know your story, empathize and connect with you, they may want to be a PART of that story, refer you to others, and take pride that they are supporting you. (Hey, I know them! They are great!)
So, if you sell your story and as well as your product or service, you have a better chance of a customer being invested in you and your enterprise for many years to come.
May 20, 2021|Ted Tobin
April 29, 2021|Ted Tobin
April 22, 2021|Ted Tobin