The Value of a Customer

So what is the (dollar) value of a lifetime customer?

Clearly this depends upon what type of business you’re in, but Appreciation Marketing® has always maintained that more attention should be spent building relationships with your past and existing customers than drumming up new business.

And while this philosophy might cause a sales manager’s ears to burst into flames, we’re sticking to it!

In 1998, for my fifth wedding anniversary, my wife wanted an “upgrade” to her engagement ring. Having been young, inexperienced, and broke when I purchased the first one (I think I sold baseball cards to find the $2k) – I agreed that it was time. New York City, here we come!

My first visit to the Diamond District was akin to one of those street fairs you see in Aladdin. There were jewelry stores up and down both sides of the street, and there were “hawkers” all over the sidewalks trying to get your attention and bring you into their store.

We ended up visiting a few before purchasing a new ring for more money than my first four cars cost me combined. It was my first and last visit to the Diamond District in NYC. I’ve never gone back.

Finding that store again today, 16 years later, would be like finding a needle in a haystack. Virtually impossible. But wait just a minute . . .

For the past 16 Christmases (this one included) I’ve received a Christmas card from “my friends” at Salvatore & Co Diamonds and Fine Jewelry at 55 W 47th Street (#39) between 5th & 6th Ave. So I CAN find that store again! And though I have zero plans to go back anytime soon, if I ever do . . . I’m going to see Michael Salvatore, Terri Levitsky, Peter Cardella, Liza Giraldo, and John Sullivan at Salvatore & Co.

Furthermore, if a friend of mine ever asks me about a place in NYC to get diamonds, guess what I’d tell them?

Was it worth the $2 a year that “my friends” at Salvatore & Co have invested in me?

Also got Christmas cards this year from Basel Saad at West Haven BMW, Frank Rocca at Acura of Berlin, Guy Brown at Danbury Mercedes Benz, and John Murphy at Jaguar of Darien.

Still a few days left! I wonder who else will step up to remain top of mind?

Merry Christmas (or whatever you celebrate) from Appreciation Marketing®!

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