In fact this question is probably the most IMPORTANT question you can ever ask yourself if you want to succeed in business.
I am going to strongly encourage you to STOP what you are doing right now and grab a pad of paper and turn off your phone – and close the door.

This could be the most important 10 minutes you have spent in a long time.
DO YOU MAKE A SALE TO GENERATE CASH OR TO GET A CUSTOMER?
The economy is challenging right now for many business. It’s also very challenging for many consumers.

Business is trying to generate more cash to stay in business and consumers are trying to preserve their cash with an IRON FIST.
That’s why sites like Living Social and Groupon have exploded.
It satisfies both.
But I have been reading how some successful Groupons have actually put some businesses out of business.

HUH?
How could a successful Groupon promotion put someone out of business?

Simple- Generate a lot of new customers at a loss without any way of keeping them coming back and you are out of business.

I recently consulted with an auto repair facility. They were starving for new business.
They had overhead. They had staff to pay. They had suppliers to pay.
But their bays were empty most of the day.
So after numerous calls from telemarketers from various deal sites and coupon programs they finally broke down and did a Groupon.
They had a GREAT promotion.
They got flooded with new business and 90 days later were on the phone with me begging me to
help them find a solution to their problem.
THEY DID NOT UNDERSTAND THE DIFFERENCE BETWEEN MAKING A SALE AND GETTING A NEW CUSTOMER!
Let me take a step back here with you for a minute so it can make sense.
First- You need to know what you can spend to get a new customer?
Meaning if you make a 100 profit on a new customer – well if you spend more than 100 dollars to get  a  new customer you will be losing money.
Second- Here’s what most don’t understand.
If you are marketing your business properly the REAL MONEY comes from the repeat business you get from that customer.
If your customer stays with you 5 years and spends 1000 a year with you than that customer is really worth 5000.00 dollars!!!!
DOES THAT MAKE SENSE?
Ever see a company “give something” away to new customers and wonder how they can do that? It’s because of that concept that’s called the LIFETIME VALUE OF THE CUSTOMER!
If you don’t know these numbers for your business your job is to immediately find them out – -and use them when making your marketing decisions.
Ok – Now that you understand these concepts let’s get back to the question I asked and my clients issue.
YOU SHOULD BE MAKING A SALE TO GET A CUSTOMER- AND HAVE PROGRAMS IN PLACE TO KEEP THEM COMING BACK AND INCREASING THEIR LIFETIME VALUE!
The company I was consulting with had never heard of this concept.
They were simply doing a Groupon because they desperately needed some cash flow.
The deal they gave was ½ off their regular oil change and then of course Groupon took their cut and fees.
At the end of the day this little adventure cost them 3000.00 – They did 300 oil changes and lost 10.00 on each one!
Their problem is that they had nothing in place to follow up with these clients.
They were simply HOPING they would come back. I am famous for saying HOPE is clearly NOT a strategy!!!!
BOTTOM LINE: YOU NOW UNDERSTAND THAT YOUR MISSION IS NOT TO MAKE A SALE BUT TO GET A NEW CUSTOMER.
THERE ARE NUMEROUS WAYS TO ACCOMPLISH THIS. IN FACT A NEWSLETTER LIKE THIS ONE IS JUST ONE WAY!
IF YOU ARE INTERESTED IN LEARNING MORE WAYS JUST SHOOT ME AN E-MAIL AT BRIAN@profitandwealth.com and of course stay tuned to this newsletter!

FEEL FREE TO PASS THIS ALONG TO ANYONE YOU THINK WOULD BENEFIT FROM IT

OR SEND THEM TO http://profitandwealth.com/free

AND AS ALWAYS LEAVE YOUR THOUGHTS AND COMMENTS BELOW!!!!

What are you doing this week?

Do you have anything scheduled?

OR

Are you going to be stuck having each day dictated by whatever crisi appears?

Do you have time set to market your services? You know all that stuff that you know you NEED to get to and WANT to get to ….But you never seem to have time for.

Well grab your planner and start blocking !!!!!

Dedicated To Increasing Your Profits and Wealth,

Brian

PS- I must tell you how upset I am that noone and I mean not one person has told me what their challange is?
What’s holding you back from getting where you want to be?

Look at the last post and then take a minute and leave me your comments.

My mom is 87 years old ( she’d be pissed if she knew I told you so keep it quiet ok?) and has been battling with heart issues and kidney issues. It’s been so bad that she has been in the hosptial at least once every month since July 2007.

She lives in an assisted living facility close to my house and the other day I got a panicked call from the nursing staff there. Her potasium level had reached a dangerous level which meant she could have a massive heart attack at any moment.

There is a medicine that she could recieve that would drop that level quickly and put her out of danger but there was none in the facility. The pharmacy they use was also out of this medicine and so the choices were to either take her to the hospital ( she is not very mobile so this would involve an ambulance) or search town to find a pharmacy that did have the medicine.

SINCE SHE IS SUCH A BAD PATIENT .. it was in everyones best interest to find the medicine somewhere which is exactly what I did.  I rushed back to the assisted living facility to deliver the medicine to the nurse and I was horrified..

RIGHT AT THE FRONT DOOR LOBBY… was a hearse with 2 guys who had the stretcher out and the bag going into the lobby. Naturally I was freaked out but thank G-D it wasn’t my mother… she was just fine and even got nasty with me when I went in to see her. ( that’s how I know she is ok)

Now imagine — you are a resident or visiting somone in what amounts to an old age home at dinner time and you see two guys in black suits with a stretcher and a bag walking right by you to pick up  one of your friends.
TALK ABOUT BAD FOR BUSINESS… These guys could have come thru the back doors etc.. In a hospital when some dies they take the body downstairs and it is picked up thru the back door that is NOT visible to anyone..

In this case I blame the funeral home and staff for being that stupid and I also blame the staff of the facility. See there is a reception area and the receptionist should have been right there telling these 2 knuckleheads to go around back.

SO HOW DOES THIS RELATE TO YOU AND YOUR BUSINESS?

There are acutally a few things to learn..

First what happens when you aren’t there? Is your staff working or playing? To fix it just drop in unannounced occasionally and see for yourself? Or install cameras and see what happens.

Call into your office or business and play prospect or have one of your friends do with you on speaker phone… My guess is that you will also be horrified…

The bottom line you must INSPECT what you EXPECT. This short sentence was first told to me by my mentors Bill Glazer and Dan Kennedy ( www.whatIused.com)  Always make sure your staff are doing things to help your business not destroy it..

You might want to forward this to any of your friends , family, co-workers ,or associates you think might benefit from it… They can get the classics to by going to www.profitandwealth.com/freereport

Really would love to hear your thoughts. Are there any Topics you would like to see me cover? Tell me !

To Your Next 12 Months,

Brian Sacks

www.profitandwealth.com

PS- How has your last 12months been? Did you accomplish what you wanted to ? Did you earn what you wanted to ? If you would like to hear my “phenomenon” story and how anyone can accomplish more in your next 12 months go to http://www.brian.in12months.com

PPS — 2 things– If you missed the 96 minute webinar I recently held that showed you  14 FREE/LOW COST Ways To Generate New Business … Instantly   I wanted to let you know the recording will be available soon.

Also- I am considering making a portion of this site password protected and delivering extra content in that area.. What are some of the things you would like to see? Let me know by sending me an e-mail at brian@profitandwealth.com