Friday, January 14, 2022

Never Advertise Again?

"I have no idea why everyone’s interested in new clients."

So said Bill Bain, founder of Bain & Company, as quoted by author and former Bain partner, Richard Koch.

"We don’t need new clients. We should have built-in growth from existing clients if we’re doing our job correctly," said Bain.

In an interview with Tim Ferriss, Koch went on to describe Bain & Company as "a fantastically well-run organization. And it grew at 40 percent a year for 20 or 30 years."

Note well: 40% is more than *twice* the annual growth rate of billionaire Warren Buffett's Berkshire Hathaway.

Not shabby.

Takeaway: You may never need to advertise again, if you can delight your clients so much that they stay forever and refer their friends and colleagues.

That's the promise of Client Retention, one of 3 ways to grow your business from the inside out. 

Want another example?

My clients, The Team Training Institute, deliver a high-level coaching service. But they knew they could do better. So, instead of chasing after new clients (as most businesses do instinctively) I helped them launch a new, top-level service at $79,999 a year.

So, I created a two-part promotion to deliver their new offer:

Part 1: a Direct Mail Sales Letter sent by FedEx to a list of 30 qualified prospects. 

Part 2: a Sales Script to sell the new program from the stage (variations of this script are now used to sell it by phone and webinar). 

What were the results?

In only 21 days, they sold $639,992 of their new program. To clients they already had.

Here's what they said: “Needless to say, we are pretty happy! Kevin has worked for clients in the U.S., Canada, and Australia, including a number of Dan Kennedy's Titanium Mastermind members. He’s an expert at taking your marketing from good to great. If you get a chance to work with Kevin, take it!”
- Darcy Juarez, Director of Marketing, The Team Training Institute

That's the promise of Client Retention, one of 3 ways to grow your business from the inside out.

The other two, Cold Reactivation and Conversion Rates, are explained here 

The CRx3 Process

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