by Chuck McKay | Oct 25, 2010 | Lifetime Customer Value (LCV), Two-Step Marketing / Back End Sales
In “How to Make Money by Losing Money,” we introduced the concept of back end sales, and suggested it was worth giving away a $400 (retail) cellular telephone in order to get a $100 per month cellular telephone service contract. How did we know? We simply subtracted...
by Chuck McKay | Jul 9, 2010 | Lifetime Customer Value (LCV), Two-Step Marketing / Back End Sales
Would you buy a dollar for 50 cents? OK, that one was easy. If you could hand me 50 cents, and get a dollar back every time, you’d push as many fifty cent pieces in my direction as I’d be willing to accept. What about for 99 cents? Would you be as excited...
by Chuck McKay | Aug 20, 2008 | Customer Education, Expectations, and Motivation, Customer Focus, Retention, and Evangelism, Lifetime Customer Value (LCV)
How many times have we read that it costs 5 to 7 times as much to acquire a customer as it does to retain one? And yet, knowing that existing relationships are more profitable, we spend the majority of our planning and budget on new customer acquisition. Unless...
