" The purpose of his speech was to start each year with the basics and to begin anew with fundamental approaches to the job at hand.
In business the same approach is necessary.
Begin anew with the basic fundamentals everyday and one of the best business fundamentals is to remember to pick the low hanging fruit.
The low hanging fruit in business are the easiest paths to a sale.
Examine your categories of customers to determine the low hanging fruit.
The first category is your existing active customer.
The second category is the inactive customers.
Third category is the interested potential customer.
Fourth category is the most likely potential customer.
The fifth category is the general public.
The existing customer likes you, is currently doing business with you and is in the process of being habituated to you.
Think of how you can add more value and reward this customer more.
A large percentage of these customers can become hypersensitive to all offers you make them.
Give them the opportunity to buy more, upgrade, and become a member or VIP.
Next, take your existing inactive customers and communicate to them and reward them.
As you begin to rebuild the relationship begin to make offers for them to buy.
It's a proven fact that a large percentage of these customers will do business with you again and would love to have that opportunity if it is given to them.
Most customers are simply lost because of a lack of communication and the relationship after the sale is never consummated.
Although you always have to look for new conquest customers, most businesses forget to spend the time and effort on the first two categories which are always the lowest hanging fruit.
The first two categories produce the most sales, revenue and profits.
More importantly, those profits are the most easily repeated.
Conventional thought is that you have already sold the existing customer and now must move on to the next customer because there isn't a profit opportunity in the one's you have already sold.
This fallacy keeps many businesses continually chasing their own tail and never having the opportunity to exponentially grow their business.
At the same time, businesses that fall into this trap spend more and more money on advertising and marketing dollars to get the same or even less number of sales.
I liken this process to a "dead man's spiral" that a plane can get into before it crashes.
Start today by segmenting your customer base into the categories mentioned and create as many sub-segments as possible to start finding "riches in the niches" of your own customer base.
Any business can experience resurgence and growth by going back to the fundamentals and picking the low hanging fruit.