Loyal customers are cheap!
This is not to suggest that they are worthless, but to emphasise that the person who is already a customer is a lot cheaper to sell more to than chasing after a stranger and trying to sell them something they’re unfamiliar with
Some benefits of Customer Loyalty:
- 1. Acquiring a new customer costs a lot more than retaining
an existing one
2. Loyal customers tend to be less prone to making deals and
negotiating on price
3. Loyal customers are likely to provide free word-of-mouth
advertising and referrals
4. Loyal customers are likely to purchase additional products
with less marketing effort
5. Loyal customers tend to place frequent similar orders, and
therefore usually cost less to serve.
Sounds obvious, doesn’t it? But you’d be surprised at the number of enquiries I get from business managers and owners whose objective is to get more customers and who are genuinely taken aback when I point out ways to maximise sales from EXISTING customers.