In the fast-paced world of business, it’s easy to get caught up in the chase for new customers. Eye-catching campaigns and strategic lead generation are essential for growth, but what about the loyal customers who have already chosen you? Marketing to existing customers isn’t just an afterthought – it’s a strategic move that can reap significant rewards. This article dives into the compelling reasons why nurturing relationships with your current and past customers should be a core part of your marketing plan. We’ll explore the cost-effectiveness of customer retention, the power of increased revenue from loyal buyers, and the invaluable benefits of fostering brand advocacy. So, before you solely focus on attracting new faces, let’s explore why your existing customer base deserves a place at the marketing table.
6 Reasons why your Business should be marketing to current and old customers
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Cost-Effectiveness: Statistics show a 60-70% success rate for selling to existing customers, whereas acquiring new ones falls between 5-20%. This translates to more bang for your marketing buck.
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Increased Revenue: Studies suggest repeat customers spend around 67% more than new ones. Loyal customers are also more likely to try your latest products and services.
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Customer Retention: It’s important to note that specific sources for the impact of marketing on customer retention can vary. However, the concept is well-established. Here’s an article that highlights the importance of customer retention.
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Stronger Relationships: Marketing to existing customers shows you value their business. Regular communication through email campaigns, loyalty programs, or exclusive offers fosters trust and strengthens relationships.
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Brand Advocacy: Happy customers are more likely to recommend your business to others through word-of-mouth marketing or positive online reviews. These endorsements can be incredibly valuable for attracting new customers.
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Valuable Feedback: Existing customers can be a valuable source of feedback on your products, services, and overall customer experience. By understanding their needs and preferences, you can refine your offerings and marketing strategies.
Marketing to existing customers is an investment in the long-term success of your small business. It fosters loyalty, increases revenue, and creates a strong foundation for sustainable growth
The PERFEX Marketing Automation Module (made by GTS Solutions) automates marketing actions or tasks, streamlines marketing workflows, and measures the outcomes of marketing campaigns.
This module provides a central marketing database for all marketing information and interactions, helping marketers create segmented, personalized, and timely marketing experiences for customers or prospects.
This solution helps companies to sell and market better by automating marketing activities and providing a personalised marketing experience across online and offline channels. Watch our How-to Use the Marketing Automation Module on YouTube now.
We provide PERFEX to Small Businesses, so you don’t need to worry about the technical setup. We will set it up and customize it to suit your business and provide support. Contact us for a Book a demo in our online calendar today.