Keep in touch with your customers
It costs as much to acquire 1 new customer as it does to keep 5 existing ones. In addition, you have a 70% chance of selling to an existing customer but only a 20% chance of selling to a new customer. AND existing customers typically spend 50% more than new customers.
Those are all the reasons why you should keep in regular contact with your existing customers. How you do it depends on your type of business and customer.
Here are some examples:
1. LinkedIn – good for B2B businesses. Make sure you connect with your customers and that you regularly post interesting and relevant information or advice for them. This keeps you front of mind for the next purchase.
2. Facebook – good for B2B and B2C. Set up a group, invite them to like your page. Again, keep posting interesting and informative articles or ads regularly.
3. E-mail newsletter – send once a month. Try to segment your customers so they only see content that is relevant to them and their business.
4. Ask for feedback and testimonials – both are useful in growing and developing your business.
5. Make special deals available only to existing customers – make them feel special.
6. Network – this is all about building and developing relationships so takes time but is always worthwhile.
7. Phone and visit – the most time-consuming but remember that people buy people so this is the best way to build long lasting relationships.