Earl's Pearls

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Maximizing Profits: The Power of Referrals

A referral is the best advertising and great way to be recognized for providing an exceptional customer experience.  But if you want to maximize profits, here is why getting a referral is so much more than recognition.  A referral increases your revenue while lowering your Sales, General, and Administrative expenses (SG&A). Increased profitability! 

Have you ever stopped to consider how expensive it is to land a new customer? Think of all the man-hours and costs associated with direct marketing campaigns, trade shows, travel, wining, and dining. How about the administrative costs accounting for all these things. And while we have email, text, social media, and smartphones for communicating, prospective customers have never been more difficult to reach. Some studies say it takes, on average, 25 attempts to get any response using these tools. There are hard and soft costs at stake when there is nothing to show for the effort. 

Doesn’t it make much more sense to focus on providing all your customers an exceptional experience, treat them like royalty, turn them into annuities, and obtain their referrals?
It’s much more profitable than employing traditional new business development methods.

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