Business owners are often consumed in the hunt for more customers. As a result of this hunt for new customers we sometimes become blind to the value and opportunities that already exist in our business.
By shifting the focus from the external search to a more internal one, you can often make huge leaps in your business.
It’s a bit like the acres of diamonds story. Here it is, if you’re not familiar with the story…
There once was a farmer who was happy and content.
He was happy because he was content. He was content because he was happy.
One day a wise man came to him and told him about the glory of diamonds
and the power that goes along with them. The wise man said,
“If you had a diamond the size of your thumb, you could have your own city.
If you had a diamond the size of your fist, you could probably own your own country.”
And then he went away. That night the farmer couldn’t sleep. He was unhappy
and he was discontent. He was unhappy because he was discontent and
discontent because he was unhappy.
The next morning he made arrangements to sell off his farm,
took care of his family and went in search of diamonds.
He looked all over Africa and couldn’t find any. He looked all through Europe
and couldn’t find any. When he got to Spain, he was emotionally,
physically and financially broke. He got so disheartened that
he threw himself into the Barcelona River and committed suicide.
Back home, the person who had bought his farm was watering
the camels at a stream that ran through the farm. Across the stream,
the rays of the morning sun hit a stone and made it sparkle like a rainbow.
He thought it would look good on the mantle piece. He picked up
the stone and put it in the living room.
That afternoon the wise man came and saw the stone sparkling.
He asked, “Is Hafiz back?” The new owner said, “No, why do you ask?”
The wise man said, “Because that is a diamond. I recognize one when I see one.”
The man said, no, that’s just a stone I picked up from the stream. Come, I’ll show you.
There are many more.” They went and picked some samples and sent them
for analysis. Sure enough, the stones were diamonds. They found that
the farm was indeed covered with acres and acres of diamonds.
How does this story relate to your business? If you shift some of your focus from searching for new customers and focus on the customers that you already have, you could discover some great increases in your revenue.
With the majority of businesses, it is very expensive to acquire new customers. However, it’s far easier and cheaper to sell to a current one or to re-engage an old customer that hasn’t bought from you in a while.
Here are some ideas to get you started finding the Diamonds in your own back yard…
Re-engage your old customers by going through your previous customer list and making contact with those who have only bought from you once or haven’t bought from you in a while.
This can be as simple as sending out an email to them asking if they are still interested in what you do. Here’s an example email:
Are you still interested in buying a new home?”
You may find that sending out a letter or email with a “we’ve missed you” letter and an offer will reengage some of them.
Can you increase Frequency of Purchase? By keeping in regular contact with your customers by sending out regular weekly newsletters, it will bring more of them back to you and increase purchase frequency. If you want help with this, give us a call.
Can you increase average order value? McDonalds added $1Bn to their worldwide revenue by simply asking their customers “would you like fries with that” it doesn’t have to be complicated!
If you implement these ideas into your business you will be on track to getting substantial growth in your business in 2015. If you want help implementing some of these Diamond mining ideas into your business, you can learn more here…
Please share your comments and tips below. I’d love to hear your thoughts and I’ll respond to everyone.