{"id":1009,"date":"2017-12-29T17:48:18","date_gmt":"2017-12-29T17:48:18","guid":{"rendered":"https:\/\/www.cxformula.com\/?p=1009"},"modified":"2024-01-29T17:20:28","modified_gmt":"2024-01-29T17:20:28","slug":"what-business-are-you-in","status":"publish","type":"post","link":"https:\/\/www.cxformula.com\/what-business-are-you-in\/","title":{"rendered":"What Business Are You In?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1009\" class=\"elementor elementor-1009\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-7aa9899 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7aa9899\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-618c98d\" data-id=\"618c98d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d946575 elementor-widget elementor-widget-text-editor\" data-id=\"d946575\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 30-04-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>I\u2019m curious how you answer this question about your business. I\u2019ve been thinking about this very question for the past 20 years\u2026and I\u2019ve been in several markets. I\u2019ve had various different Corporations and Limited Liability Companies. I\u2019ve sold various products and services \u2013 from Audio Visual Solutions to Marketing Services, from Medical Diagnostic Services to Spirits and for EVERY SINGLE BUSINESS, my answer has been the same.<\/p><p>Before I share my answer, I\u2019m curious \u2013 <b>what business are you in<\/b>?<\/p><p>Over the past year or so, I\u2019ve had the opportunity to speak to various groups of entrepreneurs in North America, Europe and Asia, and I\u2019ve been networking and masterminding with amazing entrepreneurs from dozens of countries across the globe. Each time I meet someone new, I ask them \u201cWhat business are you in?\u201d<\/p><p>I\u2019m always curious to hear the answer to this question\u2026and as you can imagine, I get all sorts of responses \u2013 such as, \u201cI\u2019m in personal development\u2026\u201d \u201cI\u2019m in software \u2013 specifically SAAS\u2026\u201d \u201cI\u2019m in coaching\u2026\u201d \u201cI\u2019m an author\u2026\u201d \u201cI\u2019m a speaker\u2026\u201d \u201cI\u2019m an Amazon Seller\u2026\u201d \u201cI have a Pilates studio\u2026\u201d you name it \u2013 I\u2019ve heard it!<\/p><p>And as they answer the question, I watch their body language. They seem to be looking for me to acknowledge their response and give them a head nod of affirmation that I understand their business, or to immediately tell them my business too\u2026but I remain quiet, and let them go on and on\u2026<\/p><p>But sometimes, every once in a while, I hear the same business that I\u2019m in\u2026and that\u2019s when I smile.<\/p><p>You see, my answer to that question is that I\u2019m in the Customer Loyalty and Retention Business! Every single one of my businesses has been designed to solve a problem, create a larger opportunity or help someone maximize some aspect of their life or business. That\u2019s what I sell in my products and services and my experiences\u2026but the business I\u2019m ALWAYS in \u2013 is the Customer Loyalty and Retention Business.<\/p><p>You\u2019ve probably heard the statistics before, it\u2019s costs more to acquire new customers than to keep your existing customers. There are hundreds of statistics on this (if not more) depending on who you listen to, but it\u2019s always between 4 times to 10 times more expensive to acquire a new customer than to keep an existing customer. In fact, there are some sources that suggest it\u2019s even up to 30 times more!<\/p><p>Honestly, I don\u2019t care if it is 3X more or 30X more \u2013 the fact is\u2026it\u2019s more! Most businesses spend so much time working on getting new business that they often forget about the very people who took the leap of faith and invested in a relationship with them in the first place \u2013 and that\u2019s a tragedy!<\/p><p>In my 20+ years of experience working with brands large and small, the answer to exponential growth, loyalty and raving fans has been to focus on building relationships with your customers; caring for your customer and loving on them. It\u2019s no accident that the most successful brands in the world focus on this very strategy.<\/p><p>The funny thing is that it\u2019s super easy to do. In fact, it\u2019s even more fun. So I\u2019d love to give you something to ponder\u2026how much faster would your business grow, if you didn\u2019t lose any of your customers? What if your customers were SO HAPPY WITH YOUR BUSINESS, that they felt compelled to share their amazing experience with their friends and colleagues \u2013 if they posted about it on social media? If they created a testimonial or case study for you \u2013 because they had such tremendous success with your product or service?<\/p><p>This is not \u201csomething nice\u201d to do\u2026it\u2019s absolutely critical for survival in today\u2019s world.<\/p><p><b>Focus on delighting your customers and everything else will fall into place!<\/b><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>I\u2019m curious how you answer this question about your business. I\u2019ve been thinking about this very question for the past 20 years\u2026and I\u2019ve been in several markets. I\u2019ve had various different Corporations and Limited Liability Companies. I\u2019ve sold various products and services \u2013 from Audio Visual Solutions to Marketing Services, from Medical Diagnostic Services to Spirits and for EVERY SINGLE BUSINESS, my answer has been the same.<\/p>\n","protected":false},"author":1,"featured_media":1226,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_theme","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[41],"tags":[25,8,9,10,11,26],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.cxformula.com\/wp-json\/wp\/v2\/posts\/1009"}],"collection":[{"href":"https:\/\/www.cxformula.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cxformula.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cxformula.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cxformula.com\/wp-json\/wp\/v2\/comments?post=1009"}],"version-history":[{"count":19,"href":"https:\/\/www.cxformula.com\/wp-json\/wp\/v2\/posts\/1009\/revisions"}],"predecessor-version":[{"id":3337,"href":"https:\/\/www.cxformula.com\/wp-json\/wp\/v2\/posts\/1009\/revisions\/3337"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cxformula.com\/wp-json\/wp\/v2\/media\/1226"}],"wp:attachment":[{"href":"https:\/\/www.cxformula.com\/wp-json\/wp\/v2\/media?parent=1009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cxformula.com\/wp-json\/wp\/v2\/categories?post=1009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cxformula.com\/wp-json\/wp\/v2\/tags?post=1009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}