Don't Forget your Existing Clients
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Quest for new clients shouldn’t ignore those who pay the bills
Acquisition. It’s a big word in small business marketing. Companies are constantly looking at ways to draw new people to the business and generate new streams of revenue. In this quest, some small businesses make the mistake of focusing too much on new customer acquisition, only to find that their existing customers have been lured away by a competitor.
Ironic, isn’t it? The very tactics you use to drive new customers to your business are the same ones that your competitors can use to take them away from you. Losing sight of your existing customer base is truly an example of not seeing the forest for the trees. Did you know that on average, it costs a small business 10 times as much to attract a new client as it does to retain an existing one? Think about that the next time you are planning an acquisition marketing campaign, then use these three tips to ensure that your customers don’t fall prey to your competitor’s acquisition efforts:
Coffee Anyone?: One of the simplest and most cost effective retention initiatives I’ve seen involved sending your customers a brief letter and tossing in a gift certificate for a free coffee at a local coffee shop (if you’re a local business), or a national coffee chain (if you operate in a broader area.) It will only cost you about one dollar for each of your customers plus mailing costs, and you’ll accomplish two things. Firstly, they’ll be reminded of your company name and services thanks to your brief letter, and secondly, they’ll enjoy a hot cup of coffee and feel good about you gesture. That free coffee can go a long way towards client retention.
Get Them a Deal: Who are your customers? Are they small businesspeople operating in your area? Are they pet owners? Are they car lovers? The product you sell will dictate what your clients are interested in. (For example if you sell a new type of car wax, you can be fairly certain that 99% of your clients are car buffs).
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