The real value of a customer lies not in their initial purchase but rather in their lifetime value. Maximising a customer’s lifetime value involves maximising – the conversion of enquires to customers, the average sale per customer, margins, repeat business rates and referral rates. Many businesses develop and implement a strategy to maximise repeat business rates, but few businesses are as diligent about developing and implementing a strategy to drive referrals actively. According to Forbes – only 30% of businesses have a sales referral strategy. This is despite the importance of well-documented referrals, with research suggesting that 92% of consumers trust referrals from friends and family over other forms of advertising, referred customers generate 16% more profit, and 82% of management claim word of mouth creates the best leads. There is no better way to maximise profitability than to maximise the lifetime value of each customer, and maximising the lifetime value of each customer includes maximising their potential…