I just got started promoting an article about how relevance is marketing with seniors. I even included some ideas on how to create change that can increase your relevancy to your older customers.
It made me remember a concept I thought about when I wrote the article that I think is valuable to business owners like you.
The relevancy score
Let’s say that relevance to your older customers could be measured on a scale of 0 to 10. (0 being not relevant at all and 10 being completely relevant.)
0 |—-|—-|—-|—-|—-|—-|—-|—-|—-|—-| 10
On this scale, what do you think your company’s relevancy score is?
Be honest, now. Think about the number of customers over 50 you have now and how many new ones come in monthly, because that’s a strong indicator.
What do you think your score really is?
Have you got the number? OK. Keep that in mind for the next part.
Now, let’s also say that a score of 0 is equal to $0 in revenue per year from these older customers and a score of 10 is worth $1,000,000.
Revenue to relevance comparison
$0 |—-|—-|—-|—-|—-|—-|—-|—-|—-|—-| $1mil
Hypothetically, if your score equates to revenue, do you think your score is valid?
Does the revenue from the score you gave yourself line up with how much revenue you’re generating serving these customers?
You may be thinking, “Mark, this is silly. My score isn’t real and this revenue is arbitrary.” And, you’d be right.
But, that doesn’t mean the principle isn’t sound.
The fact is your revenue from customers over the age of 50 is deeply tied to your relevance to their lives.
If you’re like most business owners, the you probably scored yourself too high. And, once I pointed out the dollar figures tied to the score, you admitted that to yourself, because you aren’t making that amount of revenue from them.
Here’s the thing that is probably going to blow your mind once you think about it for awhile …
A company with almost no relevance at all can do $50,000 in a year.
Let that sit and gel for a minute.
You already know what I’m going to say next, right?
How relevant you are is directly tied to your revenue.
Now, if you gave yourself a relevancy score of 7, then later admitted it was really a 2….
If you have a bigger vision for your company and your income …
What does that mean?
Exactly. It means that with this example, there’s a lot more there for you than what you’re getting, now.
Hundreds of thousands of dollars more a year.
And, truth be told, there aren’t that many companies above you on the scale.
So how do you begin closing that gap?
I’ve got an article I’ll be emailing out soon that talks about some ways to hack your relevancy to get you moving in the right direction. (If you haven’t signed up yet, you can do it below.)
Oh, one more thing. In case you are wondering …
Most of the companies I’ve worked with over the years, they probably started at a rank between 0.25 – 1.
Some of those business owners resisted change and never went any further. And, some decided they were tired of where they were and did something about it.
Drop me a note at firstname.lastname@example.org if you have any questions about how to make your company more relevant to your best customers.
You also should come on over to the 50+Edge Facebook group.