A short speaker monologue on business client retention emphasizing that it is easier and often more profitable to keep existing clients than constantly chasing new ones. The speaker uses a California gold rush metaphor and personal anecdotes about neglecting follow-up to argue that investing in current customers can materially increase revenue (e.g., “double your business”).
Remember that it's easier to keep business you've already earned than to go out and earn new business. The example I always give to people is the gold rush in California. If every time that I struck gold, I then went to another mine and started trying to strike gold again, I'm just going to dig the whole time. And eventually I'll get so frustrated with digging that I'll just stop. But that's literally what we do when we don't focus on keeping the prospects that we have locked down as clients versus going out and finding new ones. But it's just as easy to get caught up trying to find the next deal. And as someone who literally had that exact problem, my motto was, was on to the next one. The next one's going to be it. I was. Sometimes I would leave houses and not even do a proper cooldown process, and I wouldn't follow up with them after the sale. And then I wondered when it was time to draft everyone, I would have a ton of chargebacks. Sometimes we forget that we need to invest in the people that have already invested in us. And what I've seen is that you can literally double your business and your income sometimes by just keeping more people on the books.
