Most companies think of themselves as extremely customer-centric, but their reality rarely matches their best intentions. Their day-to-day efforts are focused on acquiring brand new business, fulfilling orders, and other activities that aren’t directly related to nurturing their existing customer base.
That’s a very big deal.
Your existing customers aren’t just valuable, they’re vulnerable. Customers will only forgive you for so long. If you focus your attention elsewhere for weeks or months, they’ll give you the old “See ya!” and find someone else who’s giving them the respect and attention they deserve.
And here’s something else to keep in mind: It takes five times as much effort to attract a new customer as it does to keep an existing one. Five times!
This means nourishing your existing relationships not only saves resources but also improves your profitability. So if you increase your existing customer base by just 5%, you could increase your profits by 25-95%, depending on your type of business.
That’s a game-changer, my friend!
Of course, you can’t just start increasing your prices overnight to get that 5%. Instead, you must put a strategy in place to keep your customers coming back, wanting more, and referring others to your friendly and successful company.
Let’s take a closer look at how to make that happen.