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- Lock in customers, lock in profits (January 6, 2025)
Lock in customers, lock in profits (January 6, 2025)
Dave Lavinsky
January 06, 2025
Here’s what we will cover today:
Learn a strategy to lock in customer loyalty
Discover an AI tool that creates business plans in minutes
Get insights on emerging startup trends
Quote of the Day
"The most valuable thing you can make is a mistake – you can’t learn anything from being perfect.”
~Adam Osborne
Today’s Tip
If there’s one thing successful companies often do, it’s to lock up their customers.
Customers are a great organizational asset that can result in sales and profits for years to come.
A great example is what mobile phone companies like Verizon Wireless and AT&T used to do. They used to sell mobile phones at a discount with 2-year service contracts (customers would face penalties if they left before the two years were up).
This essentially “locked up” customers, making it harder for new entrants (or existing entrants) to come into the market and take their customers from them.
Customer agreements and contracts are some of the most powerful organizational assets you can build. Can you negotiate such contracts with your customers, or otherwise keep them coming back to your business?
Today’s Resource
What’s stopping your business dreams? Is it the overwhelming feeling of where to begin, or the fear of falling short in front of investors and lenders?
PlanPros.ai eliminates those fears.
Our AI software doesn’t just help you start; it gives you a roadmap to grow, fund, and succeed, all in minutes.
Answer simple questions, and watch as we transform your idea into a professional business plan with financial projections, strategies, and investor-ready designs.
Don’t let doubt hold you back another day.
Trivia
Today’s Question: Bret Easton Ellis wrote what 2-word novel in 1991 about a serial killer and Manhattan businessman?
Previous Question: What founder of the Roc Nation entertainment company once famously said the following? "I'm not a businessman; I'm a business, man."
Previous Answer: Jay Z
As Jay-Z famously once said, “I'm not a businessman; I'm a business, man.”
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