Are you too focused on new customers?
Most businesses and organisations consistently focus their efforts on acquiring new customers and increasing their customer base. Although it is important to seek new customers, there is a group of people who can often be overlooked. These are your existing customers.
Existing customers have already taken an interest in your brand and purchased your product or service. So why not take advantage of this asset?
The retention of existing customers is of the utmost importance if you want to grow your business. Retaining existing customers can be six or seven times cheaper than the cost of acquiring new customers. This is something that small businesses should be mindful of when starting marketing campaigns.
The pre-existing relationship creates a level of trust and confidence between you, your brand, and your customer. In addition to the above, they are far more likely to buy from you again as they know more about your brand. These things allow you to further develop your relationships and get as close as possible to the holy grail of brand loyalty.
A happy customer is a loyal customer
Happy customers are vocal customers who tell their friends, family or work colleagues. This word of mouth advertising acts to nullify the cost of acquiring new customers, as your existing ones do the work for you. This isn’t to say that all of your existing customers will promote your business, but those that do act as positive brand ambassadors. Word of mouth advertising adds an increased level of trust in your brand as the messages come from someone that they know.
Your existing customer base is, arguably, more important than the acquisition of new customers; keeping them happy and engaged is a fundamental aspect of developing your business.
Technology today has made it far easier to stay in touch with people than ever before. When you’ve built a relationship, a simple “hello, how are you” can often lead to a conversation that has opportunities. If it doesn’t, the time spent will have added to the relationship and put you back in the forefront of their mind. It’s an easy win for you.
If you have a large database, use social media or email marketing. Send a Christmas card or use an automated service to send birthday cards. Every interaction builds awareness, and being remembered is a huge part of repeat business.
Keep your customers as close as possible, they are the future of your business and when cared for, are one of your biggest assets.