THE CHASE: Focusing on retaining your employees and clients can increase revenue 400% (Forbes), increase profits up to 125% (Fundera), respectfully.
Did you know that Richard Branson is the founder of over 600 Virgin Companies; and he is famous for saying, “Train your people well enough so they can leave, but treat them well enough so that they will stay.”
The Employee (your heartbeat)
According to a LinkedIn study, 94% of employees surveyed would stay at their position if they had some sort of education and planning. Why?
It sends a powerful message in many ways:
And it when they see you care, that is when you have a different level of happy employees. And that happiness generates loyalty.
The Client (your lifeblood)
Let’s face it, most companies don’t do a good job after the sale. The focus is on revenue, revenue, revenue and after they get it, they spend a fraction of the time engaging clients like was done prior to the sale. Sadly, this is like many relationships, which is why so many relationships fail. And in the failed relationships, there’s loss of revenue, brand and profit. But it doesn’t have to be that way.
According to a study by Rosetta Consulting, engaged clients buy 90% more often, and spend up to 60% more per transaction. Take these numbers and use them against your Lifetime Client Value and see what that turns out to be. I bet it will be staggering and shock you.
THE NET: Investing in your employees and engaging your clients can accelerate revenue and profit growth.
So I want to encourage you to think about how to implement this critical yet highly overlooked need for your company. If in your thinking you’d like to chat about it, click here
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