Why is this important for your business. It’s very simple.
- According to invespcro.com it costs 5 times as much to attract a new customer, than to keep an existing one.
I sure hope so, especially since you own a small business.
So, why should you invest your time into reading the rest of this articulately written piece of art?
We’re going to share with you a retention strategy for your small business or more specifically a
New customer acquisition retention strategy for small business
But you have to stay with me for a bit before we get into that strategy.
Sound like a plan?
Let’s chew on some more statistical data shall we.
- 44% of companies have a greater focus on customer acquisition versus 18% that focus on customer retention per invespcro.com.
Now pause for a second and think about what was just said.
What comes to your mind?
I know what comes to my mind, but this very discussion has nothing to do with me.
It’s all about you.
I’ll take a stab at it.
If you’re not acquiring new customers, thus focusing on new customer acquisition, then your business is not growing, nor is it going to grow.
Sound about right?
Is that your mindset?
It’s okay if it is. That’s every small business owner’s mindset to be completely honest with you.
Which is fine on the face of it you should be thinking this way.
Or should you be?
I have to ask you a question.
If it costs 5 times more to acquire a new customer and a majority of companies per that statistic we just touched on 44% focused on customer acquisition versus 18% focused on customer retention.
Then why spend all of those resources – time and money on customer acquisition?
If it is more cost-effective or lucrative to concentrate on retention?
I have no idea to be blunt, but I do have a hunch.
What do you mean by habit?
It’s hardwired into all small businesses that in order to grow you need to spend all of your time and resources by focusing on customer acquisition.
Otherwise, you’ll be out of business in like 2 seconds.
That’s great, but you need to change your thinking – create a new habit.
What does that new habit look like?
Flipping the script.
Where you spend a majority of your time focusing on customer retention, rather than customer acquisition.
What are your thoughts?
Sounds a little outside of the box doesn’t it?
You bet it does.
See in order to grow your small business you need to change your habits and get outside of your nice, comfy little box you’ve been residing in.
[tweet_box design=”default” float=”none”]To get what you’ve never had, you must do what you’ve never done.[/tweet_box]
So, how does this new customer acquisition retention strategy work exactly?
What is the method to this madness you speak of?
Hold on there hot rod, we’re getting to the good stuff, I promise.
First, you need to read another masterful work of art that will give you the secret ingredient in customer retention, and when you’re done you’ll need to come back here and finish this awesome literary piece.
Sound like a plan?
Focus on existing customers as your new customer acquisition retention strategy for small business.
Your existing customers already buy from you.
They know you, believe in you, and your product/service
Your existing customers are raving fans of your business. They’re essentially a walking, talking billboard for your business.
Can’t get any better than that can it?
Absolutely, positively NO!
So, why wouldn’t you focus more time and attention on them as opposed to someone who does not know you, your business, your product/service from Adam?
I have no freaking clue, but you as a small business spend a lot of your time operating this way.
Why not focus on your existing customers?
Spend more time and effort with them, making sure they’re happy and feel special, thus having a connection to you, your business, your product/service.
What happens when you do this?
Your customers will go out of their way to tell other people who they know about your business, thus creating a river of new business by word of mouth that keeps flowing and never stops.
How would you like an endless supply of customers for your business?
What would that do for your bottom line?
You don’t have to tell me, I know.
Before I forget here is a blog post on the impact of word of mouth in your small business. Be sure to check it out and read it. It goes hand-in-hand with what we just mentioned.
How hard is it to make your customer feel special? Make them or keep them happy? How much time and/or money do you have to spend to do that?
So do it!
All you need to do is be in contact by email, phone, in-person meeting, with your customers and make them feel special.
Your business will boom!
How hard is that for you to do?
I’d say you could do that in your sleep.
Compare that to getting a brand new customer.
Can you get a new customer that easy?
Hell no. No shot!
In addition to making your customers happy in which you’ll retain their business and get new customers via word of mouth you can also, double your business.
[tweet_box design=”default” float=”none”]Double your revenue by selling to your existing customers.[/tweet_box]
Sell more of your products/services to your existing customers.
How difficult would that be for you to do?
Simple. Communicate with your customers and that’s it.
Well my fellow small business owner that will do it for today and our discussion on new customer acquisition retention strategy for small business.
Talk to you next time.
Do you have a customer acquisition process in place for your business?
Is that process working?
Is that process efficient?
Is that process cost-effective for your business?
If you could improve that process would you?
Do you need help in figuring out which parts of your process should stay or go?
If you’re answering “Yes” to all of these questions then my hats off to you. Business must be awesome!
Otherwise you and I should talk. Let’s see how I can get you to where you want to be.