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Ally Stewart
Member Since: 10/21/2011
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Ally Stewart   My Press Releases

Lifetime value. A story to learn from.

Published on 11/16/2017
For additional information  Click Here

What is lifetime value? Well, to explain what I mean I am going to tell you a true story. I can't remember the exact date but it was sometime in the 1990s in the early days of the internet.

The yellow pages telephone directory was the number one resource for advertising and place where consumers looked for products and services. The concrete product business I was working at the time had an advert in the yellow pages. I can't remember the cost of the advert but it would have been around $400.00 Now, one day we received a telephone call from someone who owns a building company. They wanted a quote for some wall coping and facing blocks. I prepared the quote and sent a fax and a copy by the post.

Now. Some people complain about the high cost of advertising. They get new customers and still they complain. Why? I will tell you. It's because they haven't learned how to treat their customers with good service, good products etc. They are continually replacing lost customers with expensive advertising.

Now, back to the quote I made earlier. A few days after sending the quote I received an order for over $15000.00 of products. Wow. Our average order at the time was only $400.00 I would have been happy with a $400 order. Myself and our employees went to work and manufactured a quality product, on time and gave our new customer great service. Now, how do I know this? I know because the customer went on to order more products from us. Our relationship with that customer lasted for several years and until their business was sold. And, guess what happened? The new owner used our company too! While other businesses were paying for advertising to get new customers we were earning from the lifetime of our customer. I hope you get the picture. Food for thought.


Ps. This is an old PR I have reposted.

Member Note: To comment on this PR, simply click reply on the owners main post below.
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