Jim Palmer, a very successful marketing and business-building expert, joins Melanie to talk about how to avoid the biggest profit mistakes in business. Jim shares some personal experiences, and advice on how to invest in your customers, to grow your business and increase your profit.
[2:33] Brief introduction to Jim, and a bit of how his dream and business has culminated in his next step ― living on a boat!
[4:18] How important was the decision point that made your dream a reality? Jim talks about the technicalities of how they transitioned from their current lives, to their new adventure.
[6:57] One of the biggest mistakes an entrepreneur or small business owner can make is focusing on new sales, at the expense of keeping their current clients engaged. There is great opportunity for profit, when you find a balance between getting new clients, and keeping your current clients happy.
[9:07] Jim talks about some of the benefits of focusing on your current customers, and how to reach out and inform customers of all the different ways you can help them. It is worth exploring the value within your current client base, by creating and maintaining strong relationships with them.
[14:14] It’s ten times more expensive to acquire a new customer than it is to keep a customer. If you make your customers feel valuable, they will also likely be more inclined to share your information with others.
[15:42] How can you continue to engage customers you already have, and deepen the repeat business? Jim shares several ideas about how you can interact with your customers to see how you can expand your services, and better serve your clients.
[21:05] Small business owners focus on selling more to grow; entrepreneurs are thinking of what different ways they can create and bring in money.
[22:00] It is important to know your customer base, and where the majority of your revenue is coming from. Invest in them the same way they invest in you!
[27:24] What can a simple mindset shift do to help make a huge difference in your profit?
[28:28] What is next in Jim’s dream business, and how might his ideas, books, and events benefit the growth of your business?
Mentioned in This Episode:
Link to Melanie’s Resources: Get out of Overwhelm, Build Your Dream Team, Lifestyle Business Courses