It’s a common myth that the more customers you bring in the more money you will rake in too. Customer acquisition is not only costly but also time and resource consuming. The real key is holding on to the ones that you’ve already worked so hard to acquire in the first place.
Repeat Purchases – The stats speak for themselves.
Established customers are up to 70% more likely to buy a new product or service than a new customer, according to an analysis by MarTech. So, by cherishing these relationships, you have a more likely forecastable income.
Word of Mouth – Let your customers be your marketers.
The most cost-effective advertisement you can have is positive word-of-mouth. It also comes with less perceived intent and recommendations with a higher level of perceived altruism. However, it only comes from satisfied, loyal customers that have something to gain.
Lowered Ad Costs – Advertising isn’t cheap.
Fighting for space, time and exposure amongst your competitors is becoming an increasing yet necessary expense. An expense that you can’t really afford to neglect if you want to compete. Reaching and researching your audience is vital to maximise your revenue. FINISH
Less Problem Customers –
With an existing, loyal client base, you already have it made. It means that you can be more selective about your customers and you don’t have to bring in those that will likely cause you more harm than good just for added revenue.
Free Feedback –
Market research is a multi-billion dollar industry. That is a lot of money that this industry turns over each year. Although it is normally recommended that you outsource to avoid bias, with trust and loyalty already instated, it makes sense sometimes to just ask for their honest feedback.
You can use positive feedback as testimonials to optimise social proof across your marketing, and negative feedback to weed out any problems that your customers may be encountering.
Constant customer acquisition can create a stressful workplace environment for your employees. Employees are more likely to experience higher job satisfaction when they are dealing with happy customers.