To do this, the default response tends to be about putting resources into finding new leads, and more resources into converting these leads into new customers.
Then, repeat the process.
While gaining new customers is a good thing, is this always the best marketing strategy?
Here are 5 reasons why you should never forget your existing customer base.
If your business has already spent a sizeable budget on a cultivating a current customer base and meeting their needs, then it can be a missed opportunity to not continue to nurture these already-established relationships before deciding to expand.
The research into this ranges, however it’s often stated that it’s between 3 and 7 times more expensive to acquire a new customer than it is to keep a current one.
With the ‘customer expansion’ strategy, an organisation may lack the resources to cater to so many groups of different people at the same time, and that can be detrimental to the organisation’s standing, especially today where customers expect so much more from brands in terms of personalised messaging and content.
3. Barriers Of Entry
So the most effective strategy is to weigh up whether the leap is worth it, or whether there is more to be gained from nurturing the currently loyal customers and keeping them engaged (the latter is usually the better choice).
4. Current Customers often spend more
Loyal customers trust your brand, which is why they’re much more likely to spend more with you than a new customer who doesn’t have a relationship with you might.
5. Word of mouth
Especially in a digital world of social proof.
A great advantage that your current customers offer is that they can recruit new customers themselves through good word of mouth. If you treat your current customers well, chances are they will share this experience with others and you’ll end up with new customers too.
Investing large amounts of time and money on acquiring new customers while ignoring your current customers results in a high churn rate, which is very inefficient.
It’s like taking one step forward and two backwards.
Focus on your current customers first before to look to the horizons. If your current customers are completely satisfied and loyal advocates, that’s an ideal time to grow.
It’s all about the customer
It always has been and always will be.
If you can add value to your current customers’ lives, whether it be a new product, a line extension, engaging content marketing or loyalty programs, this manifests into brand loyalty and active followers.
These brand ambassadors are a highly valuable commodity in any market, and so an organisation must not forget to continue to foster these relationships before looking out into the horizon.
More often than not, the actual value of a current customer base is never truly realised because organisations are too busy trying to find their next potential group.
How to nurture your current clients: A CRM and customised marketing content
This way, your business can cater your Marketing efforts on a more individualistic level.
The future of Marketing is well-written tailored content, combined with an effective CRM system.
This strategy will ensure that your organisation’s current customer base is continuing to be accommodated to, so that they remain loyal and positive, and the organisation sees success as a result.
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