No matter your industry, there is a common thread that exists. Current customers are more valuable than non-existing ones. It may sound like an obvious “no-brainer”. However, a large helping of business owners regularly devote their time, energy and money towards bringing in new customers. Often, a focus on people who haven’t yet supported a brand is a counterproductive business practice. Paying attention to your current customers is truly the way to grow your success.
Here are three reasons to focus on satisfying your current customers:
1. Your current customers serve as your strongest advertisers.
Okay, so one of your main objectives is to grow your customer base, right? Who better to draw other people to your store than the happy customers who have already visited it? By treating your customers well, you create advocates for your brand. No business owner would argue that word-of-mouth promotion isn’t the most effective (not to mention, cost-effective) form of advertising.
Current customers “will talk about you to their friends, family, colleagues and more,” declares Intuit.com, “When you think about it, you don’t even have to market to more customers because your current ones are already doing it for you. Essentially, the people they hang out with are also your target audience, otherwise known as ‘their circle of influence.’ Your current customers will ultimately draw in their circle and bring you more customers.”
2. Your current customers are bound to buy more and pay more.
Supporters of your brand already know your track record. They’ve made purchases from you before and are well aware of the quality of both your products and your customer service. You’ve already developed the type of trust that will grab their attention when you announce an upcoming sale, new product line or in-store event. Not only does it cost you less to advertise to them, but it will make you more money in the long run when you focus on their satisfaction.
“Long-standing customers are comfortable and confident that you will deliver for them, whereas new customers often need to be enticed with discounts, free trials and special offers,” writes Michael Marzec on ConveroInc.com, “Long-term customers trust you, so they typically are willing buy more from you and pay higher prices the longer you retain them. In fact, customers who are fully engaged deliver a 23% premium in terms of share of wallet, profitability, revenue and relationship growth, according to Gallup’s State of the American Consumer 2014.”
3. It costs you a lot less to advertise to current customers.
Allow us to reiterate an earlier-made point. It is much more cost-effective to market to your current customers. They make heavy investments in pricey advertising strategies such as television commercials and billboards unnecessary. Focusing on the customers you already have doesn’t require much more than keeping the lines of communication open.
“Investing large amounts of time and money on acquiring customers is wasteful and one of the main reasons many companies fail,” says Tune.com, “Spending heavily to acquire customers when you have a high churn rate really doesn’t make sense. Save money and focus on the customers that matter – the customers you already have.”
At TK Enterprises Inc., we continually prove to our clients that our one-of-a-kind Retail Event Marketing services are both highly successful and cost-effective ways of impressing their current customers. By having our experienced team of friendly and knowledgeable phone agents contact their customers in order to offer personal invites to upcoming in-store events, our clients have been able to steadily boost sales and constantly grow their customer bases!
For more information about our Retail Event Marketing services, please don’t hesitate to call us toll-free at 1-877-622-0195. You may also email us at email@example.com or fill out the form on our Contact Us page and have someone contact you!