Jim reassured the team that he still was willing to fund the business for the moment. He asked for ideas that could build profit as well as revenue. He explained that he wanted to make $5 per sale on average. I’d like to get there within 3 months. What could get us there?
Adam and Sharon emailed similar messages regarding their current customer base; We’re collecting customer names and orders, but are we rearranging their satisfaction with the product? Can we get them to repurchase sooner and more often?
In a meeting, Jim asked, how can we increase customer satisfaction and repurchase? Advertising and marketing are $22 per person, but if they buy once more, it’s half that. If they refer other buyers, it’s also half that.
Jim thought if we can spend a dollar and save $11, we are going to come out ahead – Our customer list has greater value if they are repeat customers. I’m going to ask the team about this, but I’m leaning towards getting some outside help on this one.
Jim’s Decision — Yes to more marketing programs Choice removed: Maybe
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