Many retailers seem to forget about how they got to where they are now, yes it’s taken time, money and effort but without the customers the business will not survive.
The most successful companies build on their customer base and use them to the full.
How fantastic to hear the words a friend sent me in, or, you supplied my next door neighbour, you straight the way can imagine writing the order and taking the deposit.
WHY is that? Because all the obvious barriers have already been removed. They already think they Know and trust you because they trust the person that recommended you. But do you have enough of these customers coming through the door, if you don’t read on.
Focus should be directed towards retention of existing customers. You should have a customer base which has given you sales, then in such fickle times, rather than trying to tap into new customers which may or may not buy, you are better off trying to convince your existing customers to buy again or recommend you.
This strategy will help boost sales without the need for hit or miss advertising and more expense. In some ways since you don’t need to educate existing customers on your offering again, the cost of marketing to existing customers is lower.
The sweet spot is by keeping in contact with your client base. It acts as a reminder to them that you care, though it’s easier said than done, being able to retain as many of your valuable existing customers as possible without having to cut off efforts of targeting new customers (some of whom will turn into future high value customers).
While it’s important to work with what you have and tapping into your existing database of leads, not acquiring new leads and growing that database will result in a shrinking database as it deteriorates with time. Doing one at the cost of cutting out another totally wouldn’t help in the long run. Finding that balance should be the aim.