There are 5 elements of business that every company has to address. Focus on establishing each of these points and watch your business grow. These elements are:
- Customer/Client acquisition also known as, leads and then prospects.
- Customer acquisition of your product or service, also known as sales.
- Delivery of a high-quality service or product, also known as customer satisfaction.
- Customer loyalty, also known as repeat business, usually based on customer satisfaction and assured through effective promotion.
- Recruitment of customers as ambassadors of your business also known as referral marketing.
This is the cycle of business. A cycle is any complete series of occurrences that repeats itself and that’s exactly what you want. Successful businesses work to maximize and accelerate this process.
Following this sequence will result in more and more efficient customer acquisition. Cost of customer acquisition is probably the most important factor in running your business and it will monitor your rate of growth and ultimately results in expansion and increased profits and profit margins and that spells success.
Here’s to your prosperity!
– Ron Norton
Copyright © 2019 by Ronald C. Norton