Repeat vs. New Customers

Repeat vs. New Customers

Repeat Customers vs. New Customers

How big would your company be if you still did business with every customer with whom you've ever done business? The answer is multiple times larger and more profitable than it is right now.  Why?  For most businesses, repeat customers are their lifeblood. To truly grow you MUST focus on servicing your repeat customers.  It's not usually the first transaction that makes your organization highly profitable, it's how many times your customer comes back.  The key to retaining your customer base is providing operational excellence—delighting your customer and not letting your relationship grow stagnant.  If you think you’ve exhausted the breadth of your products or services with a customer—think again!  Your customers don't know every product or service you provide. They have no idea, therefore educate them.   

It’s important to understand that studies suggest it costs six times more to gain a new customer than it does to keep an existing customer. If you want to leverage your efforts service your existing customers to a degree that completely delights them. The happy by-product of operational excellence is that you create a salesforce out of your customer base--they become your raving fans and best salespeople. That’s when your sales grow tremendously. Gaining new customers is essential, but the importance of retaining existing customers is astronomical. What are the steps you need to take to convert your occasional customers to raving fans?

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