More than half of small businesses get more than half of their annual revenue from repeat customers. So while it’s true that all businesses need to continuously find new customers, keeping the ones you have is becoming even more important.
According to a new report by Manta and BIA/Kelsey called “Achieving Big Customer Loyalty in a Small Business World“, a large number of small businesses are now spending half of their time and budget on their current customers. This represents a big shift in thinking but it’s a logical step in this tightfisted economy.
It can cost ten times more to find a new customer than keep a current one engaged. It’s also easier. . . if you make good use of available tools. Simply communicating with customers on a regular basis by email or through social media is a good start.