One of the biggest mistakes a business can make when they are trying to grow is not prioritising finding new customers.
Yes, you are right in thinking keeping a current customer is cheaper than finding a new one.
You should absolutely maintain existing relationships and try cross selling your other products and services into existing markets but to achieve growth you must also expand your new client database.
Ways to maintain existing relationships:
- Keep in touch - Stay in the front of their mind with frequent communications.
- Genuinely listen to them – if they are having issues, provide them with an honest answer and solution.
- Reward loyalty – early bird offer, discount schemes, knowledge sharing.
- Ways to acquire new customers:
- Data capture - using your website, social media platforms, sign-up forms, landing pages etc.
- Brand Exposure – through advertising, events, exhibitions etc.