Invest In Your Client Experience
A majority of business owners, especially me, when they start out creating a business tend to be quite cheap. Understandably, if you’re building a business from the ground, typically you want to conserve your funds as much as possible.
The mistake I see business owners making is to miss out on crucial client experiences to save a couple of dollars.
The most important software a business can have is a Customer Relationship Management (CRM) software, but the most common question I get from small business owners is “what is the cheapest CRM that includes everything I need?”
Unless you’re a huge corporation using salesforce, typically the price differences in a CRM are between $5-$100/month. If you implement a CRM and are missing out on the full potential, I want you to understand the economics behind it.
If you miss out on one customer (valued at $100) per month due to not properly implementing your CRM or being limited by budget and you saved $100 by staying with the cheap CRM, on the surface you’re breaking even. Where the misconception lies is if you’re in a referral heavy industry and on average one client refers 1-2 new clients per year, you’re actually missing out on 24-36 clients (-$1,200 to -$2,400 per year)
