Every business loves to attract new customers. After all, these new customers help them get additional sales and improve profit. We are all familiar pre-approved credit card offers we receive in the mail every week, where the goal for these companies is to find new customers. Unfortunately, in the zest to attract new customers these businesses forget to pay attention to the customers they already have. As a result they are in constant churn mode of losing existing customers and finding new ones.
This is unfortunate because as it costs a lot to attract new customers. It also takes time before these new customers are profitable. Not only are your existing customers more profitable, but the ones that are loyal to your business can help you improve sales without you having to spend a dime on marketing. These customers already love your business and products, which is why they have been loyal to you in the first place. Not only will they keep coming to your business regularly, but they will promote it to their friends and families through word-of-mouth.
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