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Existing Customers Are Truly “King”

lynn-effingerby Lynn Effinger

 

Why do you suppose so many retailers of all types and sizes, hospitality companies, restaurants, airlines, booksellers, florists, and just about everyone and anyone else who is trying to sell something want your e-mail address? Because there have been countless studies done over the years that clearly point out that it costs three times more to attract new customers than it does to maintain customers you already have. Think about that. You probably have a favorite restaurant or two that you go back to time and time again because you like the food, the ambience, the service, location and perhaps the specials that they offer from time to time.

 

Despite the findings of these studies, most companies today are still obsessed with attracting new customers. They advertise, cajole, bend themselves over backwards and even stoop to begging to get a new customer or client. And the saddest fact of all is that all too often after they snatch a new customer they turn their back on them, all but ignoring this once so highly sought customer. Remember you heard this here, folks: Existing customers are the very best source of sales growth.

 

Whatever business you are in you need to find ways to sell your products and/or services to your existing customer base first. Of course you want and need new customers or clients, but it is much more economical to market to your existing customers or clients. And it has been suggested by experts that you reach out to your customers as soon after they buy something from you as you can. You are, of course, thanking them for their previous purchase or purchases, but you also want to let them know about other great products or services you offer; especially if you have a sale item or special offer.

 

Don’t be obnoxious about asking for more business. Keep it simple and make sure your offer is something that will attract the customer’s curiosity about other products and services you have to offer.

The bottom line is that you need to build an attractive bundle of services and products to keep your customers shopping with YOU. Probably the two greatest examples of this are Wal-Mart and Amazon.com. You name it… they have it (or nearly so, especially the Wal-Mart “Super Stores); and at very competitive prices.

 

Make sure you give your customers and clients a solid reason to come back, again and again. Be a champion of great customer service and treat every single one of your customers as if they are your most important “trophy” customers. And above all else, build a reputation of trust and integrity. Your reputation is all you really have in life. Protect it at all costs!

 

Lynn Effinger is a small business owner in Temecula. He is an accomplished motivational speaker, a coach, trainer, marketing consultant, and the author of his newly released memoir, “Believe to Achieve – The Power of Perseverance,” available as a paperback and Kindle-book on Amazon.com. You can learn more by visiting www.effingercomunications.com.