Your old ones! Folks who haven't purchased from you in awhile, or current customers that you can sell more products and services to.
New customers are always good, but they're more expensive to obtain. The initial expense to get a new customer isn't as important by itself; but what the cost of lead generation is compared to the lifetime value of a customer.
Marketing studies have shown that it's 5 to 7 times more expensive to get new customers, instead of selling to existing or former ones. This can be a costly mistake that can be damaging - or even fatal - to a struggling business.
If you've been in business for more than a year or two, you've probably had some customers stop doing business with you for one reason or another. You can contact them by postcard, e-mail and/or a phone call to touch base with them again - preferably with an attractive offer.
A local men's haircut place recently sent me a postcard, offering a men's cut for 40% off. It was a good offer, and good enough to take advantage of it. However, their regular men's cuts are $38 - so I'm not sure I'll keep coming back at that price.
Re-activation offers to former customers are good ways to get feedback on your products/services, in addition to more cashflow.
1 comment:
It seems you've been blogging since i have been born.
Got any tips on improving my blog?
Thanks in advance
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