It has been said that the cost (measured in dollars and time) to sell your products/services to a new customer is 5 to 7 times more expensive than selling to your existing clients. As a result, a major part of many marketing efforts are geared towards growing and maintaining current customer loyalty.
While I am an advocate of marketing to your current client base and believe that you must maintain a “presence” (this philosophy is evident in many of my customer retention and marketing blogs) with them, “client robbers” are working hard against you.
It is impossible to count the number of times a day we are bombarded with information of products and services, each geared to change your views away from something you are currently using.
Technology has multiplied these “points of contact”; television, social media, e-mails, radio, smart phones, tablets, visual marketing, etc. are working hard to change our loyalties.
A different type of “client robber” also exists in a customer’s mind. Human nature causes people to leave an existing, proven provider of services / products in exchange for an unknown. This change usually occurs at the advice of a friend, relative, business acquaintance or a “misled” spur of the moment decision. Whatever the cause, know that no matter how hard you work, there will be a loss in your customer base.
There is a moral to this story:
- Work hard to maintain a positive presence with your current customer base.
- Expect to lose a few of your current “loyal” customers, but don’t let that become an all-encompassing detraction from growing your business. Self-pity is only going hurt both you and your business. Understand this fact; it is all part of growing a business.
- Keep your “lost” customers in your contact process, some or all may eventually return.
- Never let down on your marketing efforts to acquire new clients.
The failure to attract new prospects and turn them into buyers of your products/services, is why many small businesses cannot get out of the starting gate.
Nick J. Petra CFP call today to create an action and accountability based strategic marketing plan.
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