Your customer—two of the most powerful words in a home business. The customer pretty much drives everything from volume to wealth. But knowing the true value of a customer is critical if you are ever to create success in your network marketing business.
There are two types of volume in our profession. First we have Promotional Volume, which is upfront volume that comes from marketing packages of products when people enroll in your business and you earn a commission on the package. The second is Consumption Volume. This is where you get paid on the monthly re-orders of product. You want to have both, but it is Consumption Volume that overtime builds long-term wealth in your business.
Consumption Volume comes from your customers as well as from your distributors on your team. But as my wife Jodi Andros says, “Your first customers will always be your personally sponsored people.”
What about the “true customer” who only buys the products? How can you build a successful business based on this customer base? This is very important to understand if you want to position yourself for long-term wealth, and very simple if you understand “the 7 Values of Customer in Network Marketing” as described below. This will change how you view and approach your customers, and also help you see the true value of a customer and why you and your teammates need as many as possible in your organization. So what are these 7 values?
Your customer consumes or uses your company’s products. This is what drives your monthly volume over time, and what determines if you ever will create great success in your business. Yes, teammates are important, but customers are critical. Knowing the consumption factor in your business over a lifetime makes it easier and more fun to build a business.
I’ve been in this profession for 30 years, and I’ve never seen a 7-figure earner do it with Promotional Volume. It has been done mainly with Consumption Volume.
Most of your customers who re-order every month are on “auto-ship.” I call this “auto-ship wealth.” You cannot build a large business in our profession without consistent daily consumption or usage of the product. And the power of auto-ship or consistent usage of the product cannot be overestimated, as that is what gives you peace of mind, knowing that the product is shipped automatically to your customers and you are making money with each order.
One of the least used tools in network marketing is referrals, and customers are some of the best referral provides. One referral on my wife’s team led to 11 other people buying the product and several joining her business. The value of the referral cannot be calculated, as one referral usually leads to another… and then another… and then another. How cool is that?
Rainmakers are people who make business happen. Customers can suggest people who would be really good for “this business they know” and lead you to them. “You need to call my Aunt Sally. She would be great at this.” In addition, a customer can always upgrade to becoming a distributor and bring lots of business to the team. I see this happen all the time in organizations, so this value is huge.
Feedback is critical in any business, especially from customers. Seek feedback with a simple question: “Do you have any comments or suggestions about any of our other products?” Seeking feedback is a great way to stay in touch, especially via an online Customer Survey, or simply by asking on the phone, “How can I better serve you?”
The value of a great testimonial truly cannot be calculated. If it’s online, it stays there forever and can be seen years from now. A good testimonial from a customer is gold. Get as many as you can and put them everywhere, especially videos. Relevant images are awesome as well in building a customer-driven business.
The emotional value of a customer is priceless. I still have friends who were customers when I first started in this business and we have stayed in touch and still communicate quite often. Especially if your customers are emotionally connected to your products and to YOU, they will often become longtime friends.
These are the 7 Values of a Customer. What’s the value they all bring when added up together? Potentially millions and millions of dollars in business.
What’s the secret to amplifying and building a customer-driven business and tapping into each value?
I have been teaching these 7 Values for years, as they always help build a customer-driven business. If you understand the true value of a customer, you will treat them differently and they will feel special. Don’t we all love that feeling?
Dr. DOUG FIREBAUGH has been a coach to networking professionals and a veteran network marketer himself for 28 years. He also is an author, a cofounder of the Home Business Radio Network, and the show host for the daily radio talk show “The Millionaire Road.”