Think Acquisition Cost
Question: What is the lifetime value of X client?
For some lawyers its millions of dollars. Consider this idea: A server in a restaurant is new to the client base and location. She believes that reoccurring revenue comes from a loyal client base. She believes people will choose her because she delivers an experience. She begins to memorize their names, backgrounds, likes and dislikes, menu choices, etc. Then one day as clients begin to notice her intentionality they are wowed by her next “choice”. She “buys” them desert on her dime. She knows that if she “invests” in her clients that it will leave an impression saying “I value you”. The desert might have been quarter or half her tip from the client meal, but she invested in client loyalty and her own branding. It was not a big spend. It flew below the gift tax radar. It made an impression.
How about you? What are you doing to invest in your future clients (or existing)?
Follows us on @FindtheLions and @ChrisBatz.