Chris Zane, founder of Zane's Cycles, made his company famous for customer service by focusing on each customer's Lifetime Value. He calculated that customers spent an average of $12,500 at his store over their lifetime. Keeping this impressive number in mind made it easier for employees to focus on building a long-term relationship with every customer rather than viewing each sale as merely a transaction.
You can focus on lifetime value too by asking two simple questions.
- How much will your average customer spend with you over their lifetime?
- What would you be willing to do to create, strengthen, and preserve that relationship?
You can learn more by checking out Chris Zane's excellent book on customer service, Reinventing the Wheel.