Current customers 'most valuable assets'
Mar 19 2008
In times of economic uncertainty, existing customers are a 'godsend' and need to be treated well in order to retain their business, according to a blog on online marketing e-consultancy.
A representative from ClickTools says that it costs five times as much in marketing costs to win a new customer than it does to keep a current one.
Using part of a firm's budget to retain customers is worth the expenditure, even despite the uncertain economic climate, says the service.
Word of mouth is an excellent way of spreading awareness of the company's efficiency, which is particularly good for small business wh may have a small amount to spend on sales and marketing.
Providing an excellent service and increasing customer satisfaction should mean that the firm is recommended by others, and small firms should not be afraid to request referrals.
Asking customers for feedback is a good way of finding out what a business is doing well and where they are falling down.
Research for Precision Marketing carried out by Pitney Bowes Group 1 Software has found that in a number of sectors, the quantity of consumers moving to competitors has risen by 15 per cent since 2005.
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