Who Should Be Your First Marketing Priority?

marketing priority existing customersBefore business owners shell out money for a television advertisement or spend hours at networking events, they must pause and consider this business fact: Their existing customers should be their FIRST marketing priority. The existing customers of a business are the people who have already chosen to do business with them, and they are the ones who are most likely to do business with them in the future. Now that the business has acquired them as customers, the hardest part is already accomplished!  By the way, I'm not saying you should stop trying to attract new customers.  I'm just encouraging you to rethink your priorities.  Make existing customers your #1 marketing priority.

New Customers vs. Existing Customers

Contrast that with the investment of time, energy, and money that it takes for a business owner to attract a new customer. Believe it or not, his or her investment typically costs six to eight times more to attract a new customer than it does to keep the existing customer! So what does this mean for the marketing time and budget of business owners?

Leverage Your Existing Customer Relationships

Rather than grasping at new customers, they should be on the lookout instead for ways to increase their customer loyalty. They can begin by identifying the new needs that they can meet for their customers. They can find additional ways to add value and then let their customers know that they want to serve them more. Business owners should make it their goal to increase the size of the average sale by adding more value. Also, they should make it their goal to increase the frequency of sales, again by adding more value! Remember: Strategic business owners remain on the lookout for additional ways that they can serve their existing customers more in the future, and then they make sure they always serve their customers well. These two simple practices keep their existing customers happy – and coming back for more!
A business owner's first marketing priority should be existing customers.Tweet This

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