Orangeville, ON (James Doan) I realize that repeat customers are a lucrative part of any business. I want to be clear here – I’m not telling you to abandon new customer acquisition efforts. Every business should have both Customer Acquisition and Customer Retention marketing programs.
But if you are like many businesses, you focus the bulk of your time and marketing budget on acquiring new customers. In comparison you fail to devote much time and effort on existing clients and repeat business opportunities.
By focusing more on new business, you leave a LOT of easy-to-get money on the table.
When your business needs to increase revenue, where’s the first place you look?
I bet at efforts to bring in new customers.
But, what if you spent more of your time focusing on your most valuable resource…
Your existing customers.
Concentrating on customer retention and encouraging repeat customers creates long-lasting, profitable relationships.
There are 5 reasons why you should focus your efforts on repeat business:
- Repeat Customers Spend More
- Repeat Customers Are Easier To Sell To
- New Customers Cost You More
- Repeat Customers Refer More
- Customer Retention Is What Businesses Are Built On