Your math teacher was right (unfortunately).
Numbers are important.
That’s especially true with business.
I was talking yesterday with one of our clients.
We were discussing the cost of leads and the return on investment he gets on those leads.
Those are important numbers to know if you are going to run your business like a grown-up.
But perhaps the most important number is one that people don’t often think about.
That number is customer lifetime value – the income you gain from a client over a set period.
Why’s that number important?
Because once you know how much you earn on average from a client, you know how much you can spend to attract a client.
And… you understand the importance of repeat business from that client.
It’s easy to figure that out in real estate:
Work out how much your average commission is, then figure out how many times they could hire you again over the rest of your career.
Say your average net commission is $8000 and you figure they could come back twice more. Well, that’s another $16,000 in your pocket.
When you look at it that way, it’s clear that spending money on keeping clients is a no-brainer.
And the best way to do that?
Your newsletter, of course!