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Spend As Much Time On Existing Customers As Finding New Ones

MarkB

MarkB

New Member
Staff member
One thing I have found over the years is the obsession many people have with focusing wholly on finding new customers. There needs to be a balance between finding new customers and keeping existing customers happy - remember, new customers cost money to find while existing customers are free, dont lose them!
 
MattW

MattW

New Member
I do pretty much zero advertising. It's my existing customers who recommend my services that eventually bring in my new customers.
 
MarkB

MarkB

New Member
Staff member
Client referrals are gold dust if you can get them - in effect you are preaching to the converted. I have found it is also important to manage your client base properly as if you take on too many new customers this can mean spreading yourself too thinly and potentially losing some established customers if your levels of service drop. A delicate balance!
 
A

aishley

New Member
Verified Member
Very true, existing customers are also important for sustainable business growth. Customer retention can be improved by using various customer engagement strategies that is important for every business. By providing great customer engagement, you can boost your revenue and growth easily.
 
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selfemployed

selfemployed

Active Member
Verified Member
I have made this mistake in the past - trying to lure in new customers often at a signifcant cost only to forget about my existing customers and see returns per customer fall. Look after them both - existing customers are your bread and butter.
 
G

Goingitalone

Member
Verified Member
I just do not understand why companies - banks are the worst at this, offering better terms to new customers - go seeking new customers at the expense of their long term customer base. Bizarre!
 
G

Goingitalone

Member
Verified Member
If there is one way to annoy existing customers it is to give new customers a much better deal. In effect your old customers are providing the cash flow to give away to new customers. Be very very careful about not ignoring existing customers - there will be competitors out there very happy to take them off your hands.
 
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