The best way to have a profitable revenue stream is to have repeat customers — saving you the expense of recruiting them and minimizing the learning curve to serve them well.
Petco seems to have learned this lesson well. In addition to encouraging repeat business for food and treat purchases, the company has expanded into veterinary services, solidifying its role as a one-stop shop for pet training, food, grooming, and now health needs. It was an expensive expansion, as vets are scarce and highly paid, but it could be a smart move to trade on its brand recognition and built-in audience.
Think about what your clientele uses repeatedly — and where you could expand your services based on that as a start. Colleges that encourage students to pursue graduate degrees. Trainers that follow up with individual coaching contracts. Banks that turn the first auto loan into a mortgage customer and then an investment client.
People are overwhelmed with choices. Simplify the process and reduce their uncertainty by growing beyond what you currently provide to capture repeat business from people who already know you.
Thanks, Amy!
