In Shaz’s experience, the one thing you should never skimp on is the cost involved in acquiring leads and converting them into customers, because it’s money well spent. Converting leads into customers is a game-changing activity that can and will change your business.

 

In this episode, Shaz shares some of the strategies and incentives he uses to find and keep those customers!

 

KEY TAKEAWAYS

 

• Most people don’t even know their “Cost Per Lead” number, and if they do, they’re generally always trying to reduce that cost in order to use the money for other things. But spending on acquisitions is a vital cost and should never be reduced.

 

• Businesses make a choice to take on customers, and yet they complain when the customers aren’t of a good quality. This is because they haven’t spent enough on attracting that better quality.

 

• The lifetime value of a customer is the amount of money any customer will spend as one of your customers. Once you have that number, you can more easily work out how much you’re willing to pay to acquire them.

 

• Concentrate on obtaining referrals from your existing clients: 
• You’ll get better quality leads. 
• Good customers will refer people like themselves. 
• The selling will be done for you. 
• The lead is more likely to sign up, so your conversion rate will be higher.
• Your cash-flow will increase as the referrals will likely sign up quicker.

 

• Incentives for your existing customer base will make them far more likely to seek out referrals on your behalf. Networking events, also, work incredibly well when tied into incentives.

 

BEST MOMENTS

 

‘It really can and will transform your business’

 

‘Why would you want less leads?’

 

‘You want high quality leads and high quality customers’

 

‘Why not spend that money on incentivising your customers?’ 

 

ABOUT THE HOST

 

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

 

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

 

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to main stream media outlets.

 

You can find Shaz on:

• Facebook
• LinkedIn
• Instagram
• YouTube.