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Experts agree and evidence abounds that profitability is all about creating loyal customers and driving repeat business. And since it is roughly six to twelve times less expensive to sell to an existing customer than it is to acquire a new one, the value of customer loyalty and repeat business is just too compelling to ignore. It’s All About Communication How do you get repeat business and earn customer loyalty? Take a lesson from small businesses that long ago grasped the dynamics and importance of building customer relationships through communication. They nurture their customers over time by learning and remembering individual preferences and interests. They acquire this customer information directly from customers through personal interaction. And they keep in touch with customers on a regular basis ensuring their business remains “top of mind.” Statistics show that it takes six to seven contacts before you can turn a prospect into a customer. All that contact can be expensive, and time consuming. That’s where email marketing becomes a critical part of your marketing efforts. A 5% increase in retention yields profit increases of 25 to 100 percent. Repeat customers spend, on average, 67 percent more than new customers. Source: Bain and Company |
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