(Guidance to Wealth) The Millionaire path - CLARITY ON YOUR BUSINESS - THE WHY, WHO TO WORK WITH - Raj Kapur

Raj Kapur - "Guidance to Wealth" - The Millionaire path

CLARITY ON YOUR BUSINESS - THE WHY, WHO TO WORK WITH

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Show Objectives 

Why do you lose Customers?
Because they feel neglected after the sale is made
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A typical business does a great job of getting the attention of the customer and persuading them to buy but does very little to create a remarkable experience after the sale.

It is the EMOTIONAL JOURNEY OF THE customer that is most often ignored.

Do you reward acquisition over retention?

Frederick Reich in his book The Loyalty Effect states a 5% improvement in customer retention rates will yield a 25 to 100% increase in profits. 


Customer experience encompasses the emotions a customer feels when they interact with a product or service. The experience goes beyond what the product is supposed to deliver the customer feels they have a great experience and they become emotionally involved with the brand.


Customer acquisition cost (CAC) is the cost related to acquiring a new customer. In other words, CAC refers to the resources and costs incurred to acquire an additional customer. It is the best approximation of the total cost of acquiring a new customer. It should generally include things like advertising costs, the salary of your marketers, the costs of your salespeople, overhead, commissions, bonuses, etc., divided by the number of customers acquired. 


Customer acquisition cost is a key business metric that is commonly used alongside the customer lifetime value (LTV) Lifetime Value Calculation is the process by which a business measures the value of a customer to the business through the customer's full lifespan metric to measure the value generated by a new customer.

To calculate customer acquisition cost, the first step is to determine the time period that you're evaluating for (month, quarter, year). This will help you narrow down the scope of your data. Then, add together your total marketing and sales expenses and divide that total by the number of new customers acquired during the time period. The result value should be your company's estimated cost of acquiring a new customer.

A great CAC to aim for is a 3:1 proportion with LTV.
How to Retain your Customers

Know your business well 

your probability of selling to an existing customer is at least 40 percent more likely than converting someone who has never bought from you before. 

According to research from Harvard Business School, increasing customer retention rates by only 5% increases a company's profits by 25-95%.

BENEFITS OF KEEPING YOUR CUSTOMERS

• More efficient, more effective more profitable
• Morale Improves
• Selling to existing satisfied customers is 60-70%
• The lifetime value of a loyal customer can be 10 times greater than the first purchase.
  

Customer experience encompasses the emotions a customer feels when they interact with a product or service. The experience goes beyond what the product is supposed to deliver the customer feels they have a great experience and they become emotionally involved with the brand.

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RAJ KAPUR - EXECUTIVE & SUCCESS COACH
Coach | Mentor | Speaker | Non-Profit Expert | Published Author | Radio Show Host 

As an Executive/Leadership Coach Raj believes in building World Class “Super Leaders,” One Executive at a time.

Raj is the founder and CEO of Options Ahead, Inc. With his program “Guidance to Wealth - The Millionaire Path” he helps Coaches live their dream life by resolving their financial stress without just needing to make more money.

Raj leverages his 30 years of experience & success to help coaches & trainers on how to grow from 5 to 7 figures. He helps them find their niche, market, clientele, capitalize on their strengths and help empower them to grow their business & monetize it. 

Raj is an Award-winning, C-suite leader and certified executive and leadership coach who has built, developed and led large, globally competitive teams, provided transformational coaching to maximize productivity, improve staff morale, and inculcate powerful leadership skills — experience in for-profit and non-profit sectors. He leveraged leadership skills to transform struggling companies.

With over 30+ years of experience and leadership wisdom backed by a toolkit of the world’s best leadership resources and cutting-edge techniques and ideas, Raj has leveraged proven leadership methods to develop super leaders that transformed not only themselves and their teams but also the entire organization at various levels.

Raj has led extensive workshops, seminars, coaching sessions, mastermind sessions, keynote engagements, and group and one-on-one coaching sessions. He has coached thousands of individuals during his career, created powerful instructional programs and courses. He has developed financial leadership programs, introduced leadership training, and Mastermind sessions at various organizations designed, developed, and led workshops on leadership, communication, and productivity across the country.

His corporate experience includes a background in managing budgets exceeding tens of millions of dollars, turning around companies, maximizing profits, and catapulting business success while working with the CEO/board of directors.

Raj Kapur is an Executive Director with The John Maxwell Company. He is a Certified Coach, Teacher, Trainer, and Speaker, a certified DISC Trainer, and a published author.

Written by: Raj Kapur
www.RajKapur.com
http://www.millionaire-path.com/  | http://www.nonprofitedge.org/

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