"There is so much work and cost involved in acquiring new customers. For this reason, the most successful marketing strategies focus on retaining customers. After all, customer retention is profitable. For instance, existing customers spend more on each purchase than new customers. And while the success rate of selling to your current clients is 60% to 70%, it hovers from 5% to 20% for new customers.
It is also more expensive (up to 7 times) to get new customers than it is to keep your current ones.
Retaining your current customers will not just amplify your sales in the long run but will also aid in pulling new customers. Because 75% of your loyal customers will tell their family and friends about your business. Regardless of how you look at it, it’s a win-win situation.
But how do you retain your current customers and still attract new ones in the process?
By facilitating and nurturing long-term relationships with your current and new customers. The way people process certain situations never changes. If something motivated a prospect to purchase from your business 2 years ago, the same factor will drive them to patronize your business today.
We’ve all seen the viral videos of empty grocery store shelves as people began hoarding household supplies during Covid-19 lockdowns. As cities around the world tempered their economies, customers stocked up on more than just the essentials. This is a clear example of how customer motivations and market influences can impact sales.
But other triggers are just as powerful. One of such triggers is the customer relationship, which stems from trust. Through the trigger of a quality relationship with a company, prospects will buy not because they are pressured or pushed but because they trust and respect the business. Customers will keep buying from your business because they’re attracted to it due to the positive experiences they have with your brand."