If you want to grow your revenue - start with your existing customers, and make them feel valued.
I recently had a rant on LinkedIn about being sent a paltry (and empty) card from First Direct to ‘celebrate’ my being a customer for 25 years. At the same time, new customers were being rewarded with £100 just for joining. I felt so special.
That’s what it feels like being a forgotten customer. Seldom contacted, we gather dust on a database while our service providers are all out trying to win new customers. While this is costing them a fortune, the relationship with us could be so much more rewarding.
Depending on your sector, acquiring a new customer is thought to be anywhere from five to 25 times more expensive than retaining an existing one. So, if you want to grow your revenue - start with your existing customers, and make them feel valued.
Four reasons existing customers matter:
Five inexpensive tips to make existing customers feel special:
None of this is expensive to do - all of it will keep your business in the minds of your customers.
So, not only is it good business practice (and just plain decent) to treat existing customers well; nurturing these relationships over time will ensure they don't become forgotten customers. Even better, it can significantly boost your bottom line.
This article is first in a series exploring The Thirteen Touchpoint Leaks™ by Bryony Thomas from her book Watertight Marketing. It’s a model that describes thirteen typical ways that most businesses leak profit in their marketing.
Forgotten Customers is Leak #1. Sort this and you are on your way to a Watertight Marketing plan for your business.
If you want even more customer loyalty tips, head over to my article on the Watertight Marketing blog - ‘10 ways to build great customer loyalty.’
Ben Wheeler is a freelance marketing consultant and content writer working with growing businesses - and an Accredited Consultant with Watertight Marketing. He also helps clients produce articles for LinkedIn. Twitter @realbenwheelerBack