It’s far easier, and much more cost-effective, to keep the customers you have rather than trying to attract new ones.
It’s also much more profitable.
In other words, fix your leaky bucket rather than constantly add more water.
Selling more goods and services to customers you already know (and who know you) is far easier than constantly making first-time sales.
Think about it.
Who would you rather call:
- a customer who you know will probably buy, or
- someone you’ve never met, to whom you’ll have to explain your product or service and convince them it’s got value and that you are a trustworthy and reputable business?
Ninety-nine entrepreneurs out of a hundred will pick the first choice.
It’s easier, and there’s a greater likelihood for a positive outcome: a sale!
Your existing customers find value in what you offer, and they trust you.
That’s why they’re your customers.
One more thing:
Building trust and rapport is the constant hurdle in cold-calling and prospecting.
Nearly every new customer is distrusting at the beginning of a sales cycle.
Evaluate yourself as a consumer.
When dealing with a new vendor, do you immediately trust the person/business?
Probably not, unless they’re a referral or have a long list of rock-solid testimonials.
Even then, you may not trust them until you’ve verified the information for yourself.
Your prospects are no different.
Why should they be?
Does it make sense to focus your efforts on keeping the customers you already have?