your company to stand the test of time. Working with existing customers is easier. And loyal customers will help in marketing your brand, most importantly for emerging market business owners by way of referral or online reviews.A customer relations expert, Caroline Entonu says, “Such brand must notice that its newsletter and marketing email open rates must have dropped significantly. The growth in the brand’s number of online or social network followers has slowed to a crawl.
According to her, “It’s a common practice to offer new customers some kind of incentive to buy from your company. But go too far with this and you risk annoying your existing customers – and existing customers are by far the most valuable to your bottom line. Acquiring new customers costs five times more than satisfying and retaining current customers.”
To her, “Selling to existing customers is a smart business, but do so thoughtfully. Blindly throwing your products and services at them won’t get you very far. Survey your customers regularly and frequently to get a real-time understanding of their needs so you can make targeted offers to them. Gathering customer feedback and incorporating the results into your decision-making will help promote satisfaction, engagement and loyalty over time.