Chip Ervin has built an impressive career as a professional poker player, DJ, and insurance broker. Being in these fields has taught him a great deal about sales and marketing.
When it comes to sales, many business owners and insurance brokers only focus on the first transaction. When they lose customers, they don’t do anything.
They don’t understand that all the money in business is with the customer. The customer who is happy and satisfied with a business has a lot of value to that business. The customer is an asset.
Total customer value is a number that shows how much money a customer spends with a business over the lifespan of being a customer.
To figure out your total customer value, look at your best customers, and determine how long they have been with your business and how much money they have spent with you over the years.
Knowing this number will allow you to approach your sales and marketing from a completely different perspective. You can spend much more money on acquiring a customer and building a sales process when you know that a customer is going to stay with you for a long time. You will also become much more aggressive when it comes to bringing back your lost customers.
Chip Ervin experienced this firsthand as a DJ. The goal of most successful nightclubs is to get a customer through the door for the first time because if the customer likes the club or the DJ, they will come back again and again and again.
Chip Ervin 