Turn Customers into Advocates

A young couple come into your store for the first time, seeking a baptismal gift for a niece. It’s great to make that sale. But it would be even better to see them again and again. You’d like your business to be the first one they visit as each birthday, anniversary, graduation and holiday approaches. And you’d benefit even more if they were to tell their friends and family about your store. What is repeat business worth to you? General Motors considers the lifetime value of a loyal customer to be $400,000. For Hilton Hotels, it’s $125,000. To calculate the potential buying power of each of your customers, use this formula, based on current market statistics: Multiply your average sale by 4 purchases per year. Add 25% to that number, based on the assumption that most consumers will spend extra once each year for a special occasion. Since 20 years is the average tenure of a lo

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