#256: The Forgotten Funnel: Increase Customer Value Without Selling More

“New customers are good, but existing customers are better.” - Casey Graham Did you know it takes five times as much to attract a new customer as it does to keep an existing one? Five times! Most businesses put a huge focus on getting NEW customers (which is important), but where they’re missing the mark is by not equally nurturing the EXISTING customers that they do have. On today’s podcast episode I talk to Casey Graham, founder of Gravy, the company that helps entrepreneurs and business owners (including myself) solve the problem of failed payments and credit card declines in their business. Why did I bring him on? Because he’s an incredibly smart and strategic business owner who knows how to create profitable businesses - he’s built several from the ground up and is a master at growing thriving teams that wow their customers on a daily basis. Casey says that f you were to increase keeping your existing customers who are paying you by 5%, you could increase your profits by 25-95%, depending on your type of business. That’s a game-changer, my friend! As a business owner, you’ve got to develop a customer-centric business and this episode is going to give you a roadmap to do just that as Casey drills down on the 5 non-negotiables of setting up a stellar system of customer care (aka the forgotten funnel) in your business. Person - define who you are (the owner/leader of your organization) and who you are serving (your customers) People - how is your team (or you) set up to serve your customers? Process - how are you intentionally valuing your customers before you ask for more value? Product - what’s your product value ladder to continue to serve customers? Profit - what are you doing to reduce churn and close the back door? You’re going to be able to walk away today with some simple strategies that you can incorporate into your business immediately that will literally change how your customers see you and most importantly how they feel about you on a daily basis. This episode is brought to you by Gravy, the company I trust to contact my customers within hours of a failed payment, capturing the updated billing information, and saving the customer my team and I worked so hard to acquire. If your revenue is currently at $250K or more a year and you know you’re losing money due to failed payments each month, I encourage you to check out Gravy. Click here to see how they can be an extension of your customer service and save you money. SUBSCRIBE & REVIEW IN ITUNES Are you subscribed to my podcast? If you’re not, I want to encourage you to do that today. I don’t want you to miss an episode. I’m adding a bunch of bonus episodes to the mix and if you’re not subscribed there’s a good chance you’ll miss out on those. Click here to subscribe in iTunes! Now if you’re feeling extra loving, I would be really grateful if you left me a review over on iTunes, too. Those reviews help other people find my podcast and they’re also fun for me to go in an read. Just click here to review, select “Ratings and Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. Thank you!