Capitalise on your greatest asset – “Your existing customers!”

Posted by admin on 12 August, 2008 under Business advice, Business development | 2 Comments to Read

Capitalise on your greatest asset – “Your existing customers!”

Marketing to gain new customers is possibly 5-10 times more expensive than marketing to your exisiting customers. Your existing customers already know you and have crossed the “Trust barrier” and purchased from you.

Customer service

It is crucial that your customer service is excellent and the product or service that you sell is a good one so that when a customer buys from you, they will want to come back. So if this is the case and you have happy customers, then why would you not market to them and ask them for more business?

Advertising and brochure production or cold calling is very expensive and you will be lucky to get over 1-2% response for your efforts! So if you can add further products or services to your business that either compliment or would appeal to your existing customers then you would not believe how much your business can grow!

I am not suggesting that you cease advertising for new customers, as you never should. However, you may wish to divert some of your spend towards marketing to your exisiting customers In fact, I recommend that you link your marketing spend to your turnover as a percentage of your total sales, so that the more sales you make the more you spend on advertising and so on!