Think about it for a moment. While you’re focused on new business, what’s happening to your loyal customers?
Are they feeling neglected and forgotten or loved and cherished?
Customer retention is the bedrock of business growth – putting new clients into the top of a leaky bucket won’t bring retirement any closer.
And statistics abound regarding the cost of retaining an existing customer vs acquiring a new one, making a customer retention strategy a financially sound investment.
So, it may be time to rethink your client communications policy.
First of all, when were you last in touch? What’s happening at Global HQ that’s relevant and they should know about? Are there industry and legislative changes they’d like to know about?
If you stay in touch in the right way, giving your customers information they will find of interest, chances are they’ll be receptive to it and even appreciative of the effort you’ve made to keep in touch.
It’s our mantra here at EssentiaMail, we talk about it a lot, and with good reason. Email campaigns are statistically and consistently more successful to existing customer lists.
Customers are great referrers too, and who doesn’t love a great referral?
We also encourage our customers to grow ‘warm’ lists – of those people who have shown an interest in your business but haven’t yet bought from you. They too are more receptive to your output and more likely to buy than any cold contact.
If you have a shop, hotel or even a café, a little incentive in exchange for taking visitors details is all it takes to start building a fabulous warm list.
So whilst new business has its own very important place, it should not be the be all and end all of business growth strategy.
Be good at what you do, look after your client base, and watch the business develop from the bottom up.