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Nikonomics - The Economics of Small Business
01 - FREE Business Advice - Target Industries, Geographic Focus and Scaling Strategies for a Service-Based Company
Apr 13, 2024
Topics discussed include target industries and geographic focus in business acquisition, scaling strategies for service-based companies, navigating business ventures and financing options, exploring industry options between professional services and manufacturing, franchise opportunities, business transition plans, and the journey of taking over and scaling a struggling company.
50:31
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Quick takeaways
- Understanding the lifetime value of customers is crucial for scaling a service-based company.
- Effective client acquisition involves targeting specific market segments for business growth.
Deep dives
Scaling Strategies and Customer Retention
The podcast episode delves into strategies for scaling a virtual assistant company. The host and guest discuss the importance of understanding the lifetime value of a customer and identify the need to address a high customer churn rate. The guest mentions having around 50 clients generating approximately $350,000 annually, leading to a discussion on customer acquisition and retention. The guest expresses concerns about customer churn and seeks advice on how to attract larger accounts and improve customer retention.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode