Retaining Existing Customers Vs. Attracting New Ones

ExistingCustomersVsNewCustomersIn the fast-paced world of business there is a tendency to focus on locating those all-important new clients. However, putting your sole focus into attracting new clients can mean you are forgetting about an untapped resource available right at the end of their fingertips – your existing customer database.

With 70% of companies saying that it’s easier to retain a customer than acquire one it might surprise you to know that, according to Econsultancy, only 30% of companies say they ‘are very committed’ to relationship marketing, and in fact 22% say they don’t do any relationship marketing at all.

So it’s time to switch your sales focus, look at your client base and focus on upselling your services to your existing customers.

How to retain existing customers

  • Provide an excellent service – maintain the same high quality service that your client has experienced since they first joined you, throughout the length of their contract. Don’t let the draw of new, exciting clients make you forget about the customers you already have, after all, repeat customers spend on average 67% more than new customers.
  • Reward their loyaltygiving something back to your customers can show them how much your company values both them and their business. With 54% of consumers saying that they would consider increasing their amount of business with a company for a loyalty reward, and 46% saying they already have, it is clear that customers are motivated by reward. Whether it’s a direct spend – reward scheme where they get money off based on the amount they spend with you, or a larger scale event put on for your most valued customers – showing them a little love can go a long way.
  • Demonstrate business value – if you can show the customer how the services you have provided them with have added value to their business, and how extended services could add to that value, then they will be likely to increase their contract with you. It is much easier to convince customers who have already seen the benefits of your service to purchase more from you, than having to start from scratch with a new customer and ask them to trust the value of your services with no proof.

Receiving top-notch referrals

Not only will looking after your existing customers ensure that you keep their business, but it is likely to send some new leads flying through the door – in the form of customer referrals. These referrals are going to be based on a trusting relationship between your customers and other businesses, people who have already been convinced by your customers that you are the best for the job. So perhaps, working on retaining your existing customers is also the way to acquire new customers to your business.

 

Enlist a  digital marketing partner  as part of your plan to ensure you have the best online reputation to maintain the right customer base – contact the experts at LWS Marketing on 01903 790100 or via info@lwsmarketing.co.uk

 

 

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