Existing Customers are Key to Increased Sales
Strengthening relationships with current customers is the easiest and most effective way to increase your sales. The old adage that it is five times more expensive to gain a new client than retain a current client may be difficult for you to quantify, but it is certainly true in principle.
It just makes sense. Is it harder to convince a new person that you are worthy of their trust or remind a former customer of the positive experience they had even years earlier? Not only are current customers more likely to come back for more, they also are your best sales reps. The longer a person has used your services or purchased your products, the greater their loyalty and motivation to tells others about you.
People like referring their friends to people they have done business with. It makes us feel good to share a great tree guy or IT specialist and for our friends to also have a positive experience with them. Everybody looks good, and that kind of networking can gain serious momentum – especially if it enters the digital realm.
So while advertising for new customers is always important, don’t forget to pay special attention to the group that holds the greatest potential of all – the people you already know, and more importantly, already know you.
Thanks for the comment, Brock. I could not agree more. It also is important to remember that relationships do not happen overnight. It takes time to build trust and loyalty.
It’s scary to think of how large your sphere of influence really is… Your relationship with existing customers can either open doors to new customers or slam them shut. Building trust with your customers, especially in these rough economic waters, is essential.