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Listen Notes

[00:00:00] Greg Marshall: All right. So what, here's something that I run into quite often, which is always confusing to me. Um, why is this such a big deal? But because it, to me doesn't make any sense. Which is devaluing customers that have purchased from you before, or even family or friends who buy our stuff because they like your product.

So,

[00:00:26] Blake Beus: so you're saying like, and you've, you've run into this where a business businesses mostly just focused on getting brand new customers. Correct. And they kind of disregard existing

[00:00:36] Greg Marshall: customers. So, and here's why this mentality is dated. This is kind of like saying, well, because I have my wife or my husband who already loves me now, I'm going to go ahead and just like, it's not that valuable.

I care more about other people who might want to date me. And you can imagine where your relationship is going to go with that mentality. Right. It's probably not going to work out. It's not going to work out very well, but for. If you think about the biggest businesses in the world, they actually have a different mentality, which is let's use Amazon because everyone pretty much everyone uses it.

They have a massive business and everyone can agree with that. Now I'm willing to bet they spent more time on how do they get Greg to spend. $18,000 more this year than last year, then just only caring about, you know, Sally down the road to buy a new $2 products. Yeah. Right? Yeah. Because all the money is getting Greg to spend $18,000.

It's not in the one-time purchase of $2. Most business owners view their business in the light of, oh, somehow getting new customers that, you know, there's like this, you know, doing the air quotes, you know, there's this exciting feeling of I'm getting people who are buying my stuff that I don't know who have never bought from me before I get that feeling.

And there's always this like overvaluing of that individual versus what about the person who's bothering me 82 times in a row keys by for why are they not so exciting anymore? They're the ones that are actually paying your bills out, the person that buys once and leaves. And so that's kind of a subject I want to talk about is, um, changing the mindset to a more well-rounded business approach, where your point of focus is more about getting your customers to buy more from you, stick around.

And because in my opinion, by focusing more on those customers, you get much greater referrals. And you can grow from within. And so not only do you maintain your profitability because it's a lot cheaper to get the same person to buy over and over again, but now you're getting them to sell for you to bring you more people who are going to convert much faster than someone who has never seen or heard of you before ever.

And so that's, I mean, what are your thoughts on that? I mean, as a, as a business owner yourself, do you, do you ever fall into that trap of like overvaluing the new customer? Well, almost like feeling like, ah, you know, I already have them though.

[00:03:22] Blake Beus: Yeah, absolutely. I've 100% fall fallen into that. Um, and uh, I mean, everybody knows you hear this all the time that the new brand new customers are way more expensive to acquire than your existing customers.

Uh, I think, I think it stems from a place of fear, right? So if you're a business owner, a small, small business owners is mostly what I work with, but I work with some larger clients as well that have investors and everything. This tends to be a little bit more prevalent in small business owners. Uh, it's based on fear, right?

They, they constantly are afraid and I'm speaking for myself as well, constantly afraid that you'll be looked at as a failure, or you're just going to be another failure story, right. That business that didn't work. And, um, and you'