It costs lot more to attract new customers than to retain existing ones. How to take care of existing customers to increase sales and profit.



Comments


Written by AngelBiz
830 days ago

Heather - Good question. There is a always a need to do external marketing to attract new customers. My point is you do not want to do it at the expense of existing customers. Many times I have come across a situation where customers who have been loyal for number of years are denied special promotion because they are targeted only at new customers. Just imagine the feeling you would get when hearing this, especially when you have done business with the company and spent significant amount over number of years.



Written by HeatherStone
831 days ago

Harry,

The argument you hint at here -- that taking care of existing customers will get you new ones -- is powerful. My question is how much marketing to attract new customers should you really engage in? Any? How much external marketing should you do?



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