For any business, large or small you can never understate the importance of winning new customers. New customers are how you grow your business after all. But along with getting new customers, it’s just as important, maybe even more important to keep the ones you have. Getting new customers is not a sure thing but when you have a loyal base of repeat customers, that’s money you can count on to a certain extent.
Increasing the number of times your customers buy from you is the easiest way to increase sales, which in turn increases profits and grows your business. So, it pays to market to your existing customers through a concept called “back end marketing”. It’s a known fact that you can spend up to six times as much acquiring a new customer than what it cost to get an existing customer to buy again.
So, it pays off to focus on keeping your existing customers happy and coming back for more. You do that by developing a relationship with the customer and getting them to trust you. Loyal customers are also often a source of new customers. Happy customers will tell their friends and refer business your way.
It may be as easy as asking your customers to come back. Making them feel important and valued will make them more apt to return when you ask them. Companies who lose customers often do because they don’t feel that they matter to that company. Surveys have found that 68 percent of customers who leave one company for a competitor do so because of a perceived indifference. They just didn’t feel that they were valued.
So, your business will have a much better chance of success if you keep your customers coming back through great customer service and making them feel that they are valued.