Rest of the business owners who daunt themselves in front of poker-faces of heavy-loaded investors know much weary this task can be.
Now, you must be well aware of the mathematics how to get an investment and what’s the drill to be followed in the long hours of meeting your investor. But, what you don’t realize here is that you might just not have to do it, at all!
Yes, let that sink in and consider the following perspective; you ask for investments because you want to grow and expand your business. You pitch numerous investors for the same and convince them to put their money in your business, which, by the way, is the toughest shell to crack.
You have to show them exponential statistics that you have projected for the future plans of your company and if by any chance the investor agrees to buy your plan, you have to follow up regularly and give him sure shot surety that his money is being reproduced at the right pace or else, it can cost you your entire business, in the worst case.
Frightening, isn’t it? now, think about how you exactly plan to grow your business. Money is, of course, the prime requirement but can you make all of this possible without a strong customer base? Or more precisely, without a recurring customer base? Probably not.
Turn Your Customer into Investor
- Your business will make a profit if there’s a good customer base.
- New customers will always keep on coming but the recurring ones are the real gems you need to focus upon.
- Your recurring customer base will further publicize about your product and quality customer service (that’s why they are sticking with you)
- It will generate more and more leads for you and you will ultimately earn good profits.
- More profits will elucidate the need to ask for foreign investments and you’re good to spread your business further without any investor’s help.
The stats have also indicated that more the money people get in their seed funds, it leads to the inverse success of the business. That’s not too strange if you think about it because more money from investor leads to more risks to the business. The best alternate found for the cause to head for customer-funding.
1. Focus on Customer Services
There are plenty of things you can do to ensure the best of your services, starting with proper training of your staff and other related people who deal with your customer.
2. Keep Them in the Loop
3. Count for the Occasions
4. Create Customer Loyalty Programs
This might need you to spend some hours in developing the most suitable loyalty program but it will be worth it.
5. Monthly Subscriptions
6. Always Take the Customer Seriously
Remember that if a customer is giving you honest feedback when he’s doing it either because he trusts in you and your business or because he really wants to share his opinions; good or bad.
In either of the cases, it’s important that you take these feedback into consideration because they really want you to improve so that they can come back again and have a better experience. Nobody cares to give feedback if they don’t really plan to come back to the same place.
Conclusion
The bottom line is to keep your customer intact which of course, is the core agenda of your business to monetize and also to make sure that these customers keep of coming back. If you manage to do this well, you are good to go and don’t have to keep including foreign investors in your business.
It’s amusing how many businesses strive hard to develop something new every time to make new customers but still doesn’t manage to outperform other businesses because they don’t find time and significance of maintaining the existing ones.
Recurring customers will not only perform as investors but also eradicate the worry of having a constant profit generation. And rest as Peter Drucker, author and educator say “The purpose of a business is to create a customer.”
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