So I want to think about you're about to buy a business.
What are some things you'd be looking at if you're buying a business, no matter what the
business is.
You're going to be looking at the flow of traffic that's coming in, inflow, that's coming
in, the traffic that's coming in, then you're going to look at the existing customers that
have already bought from you, then you're going to look at the be-backs that keep coming
back and buying more.
So let me give you an example of what I mean.
Let's just say you want to buy a supermarket.
You'd probably sit there and before you invest into this market, you're going to see what
the traffic looks like, from at this time, Monday - Friday.
So you're looking at man, there's a lot of traffic coming in.
Then you're going to see customers that keep coming back.
Then you're going to see people that are buying more and more and more, so there's an opportunity
to become be-backs and it increases the value, right?
So if you buy a real estate business, how many people call into this real estate shop,
how many people have already bought, so calls coming in, how many bought, and then from
there, how many keep coming back to buy some more real estate through your sell through
you.
That's the value of the business.
So now let's look at what that means to you, because what is the best type of customers,
what is the most important type of customers you can have as an entrepreneur.
So, here's a pipeline of the sales flow.
Number one is your pipeline, that's up front.
Then you have your new customers.
New customers could be cold market, they could be warm market, they could be hot market.
What's cold market?
Cold market could be somebody you have no clue who it is.
So you need to do a lot more of a better job selling.
Warm market is somebody that was told about you, so they already kind of have an idea
about who you are and they're just coming to want to check you out, but they're easier
to sell than a cold market.
And then you have the hot market.
The hot market is the "me too" customer.
The me-too customer says what?
Hey, I want to have what she has.
Can I have one as well?
I want to have exactly what he bought.
Can I have one as well?
My brother just bought this car.
Can I have one as well?
My father just bought this.
Can I have one as well?
I'd like to get the same phone.
I'd like to get the same suit.
I'd like to get the same shoes.
I'd like to get the same whatever.
Okay, great.
No problem.
So cold, warm, hot market - new.
Then you have your be-back customers.
What is the benefit of having a lot of be-back customers?
Be-back customer is somebody that has already bought from you.
So a be-back customer, I want to buy it again.
I want to buy it again.
I want to buy a little more of this.
Real estate it could be I want to buy another house from you.
I want to buy another house from.
I want to do my loan through you.
I want to buy another insurance policy from you.
I want to do my investment through you.
I want to roll over my money with you.
I want you to help me on my social media.
I want you to give me this software again.
I want to get this technology again.
I want to upgrade again.
That's the be-back customer.
So the be-back customer you always have an opportunity to upsell.
You always have an opportunity to upsell.
If you think about Facebook, once be-back fan pages, because on be-back fan pages, they
have an opportunity for you to keep re-boosting your posts, hypothetically.
Google AdWords wants be-back customers to be able to do a new link to a website or video
or whatever because it's a be-back customer that they can upsell, right?
They can upsell.
No matter where you go, this is very important.
But then the most important type of customer is a customer that is a be-back that keeps
giving you referrals.
Why is this so important?
Because the referrals they give is adding to your pipeline and generally the referrals
they keep giving you is hot referrals.
So it's a very easy sale you're making with the hot market than you are with a cold market.
So why is this so important?
Why are we talking about so much on the referrals side?
Again, I talked about this briefly on another video.
There are so many that just chase new, that the easiest sale you'll ever make is referral
from your existing be-back customers, that helps to get more me-too sales.
So in order to get more me-too sales, that means you need to make sure that your existing
customers are being treated very, very well.
I did a video on this a few weeks ago about the sales cycle on what takes place, but I
didn't necessarily get into the best type of a customer.
These [referrals] are by far the best type of customers that want to give referrals to
you because sometimes you'll have a customer that will buy from you, that you'll never
talk to again.
They don't want you to call them.
They don't want you to talk to them.
It was a one-time thing that happened.
They don't want you to call them.
It's not even the other way around.
Please stop calling us.
We got what we wanted from you.
No problem.
But 99% of the time is the person that sold the product is not doing a good job calling
the products.
I want you to think about Google AdWords.
One of the things that Googles very good at is -- I'm so impressed with Google.
It doesn't matter what happens; if I bought from Google one time, and I make a purchase
from Google AdWords, I'm constantly getting somebody emailing me.
Somebody, "I'm your new rep, I'd like to talk to you on the phone.
I'm your new rep, I'd like to talk to you on the phone and see how we can make you campaigns
be more successful in the future."
They do SUCH a great job with their existing book of business and they upsell me.
They upsell me because they call me.
So because they upsell me and call me and I know who my rep is, I know how to refer
the rep to somebody else that needs to know them, and I'm the credibility and so the pipeline
gets full for them again.
And by the way, we're talking Google.
the number one search engine in the world that happens to be one of the best at be-backs.
Oh my gosh!
can you imagine that?
So if Google is the number one search engine in the world that's sitting on God knows how
much cash in their account is doing it that well, and they already are as successful as
they are, what is your excuse on doing a great job with your existing customers to help them
become be-backs, and help them become the best referral source to you, because the right
customer, with the right amount of referral sources - let me tell you, if I'm a real estate
agent and I end up getting 10 customers that are very happy customers, that I make them
be-backs and they give me referrals all the time - I'm set with 10 great customers that
give me referrals.
As a matter of fact, some will even tell you five happy customers that give you referrals
on a monthly basis, you're set for the rest of your career, because if five happy customers
give you referrals, those five give you five more, that's 25.
You take those 25 new customers and you make them a happy customer, then that 25 gives
you another five, to give you give more -- you see what happens here with the compounding
efforts of it.
So sales is a very easy game.
Entrepreneurship is a very easy game.
It's a service game.
It's a treatment game.
It's a memory game.
It's a taking care of game.
If you do that part right, then your pipeline all of a sudden is so filled with so many
people that want to do business with you and simply, you take them through the same exact
sales cycle again, to help them get to a happy customer that gives you again more referrals.
So, if you've got questions about this, comment on the bottom.
I will get back to most of your questions.
It may take some time because we are getting thousands of messages.
It used to be hundreds, now we're getting thousands, but we will get back to you.
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Michaelangelo, can you catch it?
He caught it this time.
Last time he dropped it.
There you go.
He's got the nice little dance he's doing for me.
Anyway, thanks for watching everybody.
Take care.
Bye bye.