“Make new friends but keep the old.” In today’s business-to-business marketing landscape, one’s first reaction to increasing the bottom line is to “make new friends” or acquire new customers. But, it’s been widely discussed that acquiring a new customer costs more than retaining existing ones. With that in mind, how can you ensure that you “keep the old,” and give reactivating and retaining existing customers as much of your focus?
Over the last four years, rising costs and economic uncertainty have impacted marketing budgets and strategies. Additionally, many consumers have cut back on spending. As many marketers can’t afford to invest in acquisitions at the same level as they had previously, we often recommend clients look within at their own inactive buyers. A former customer is more likely to open and respond to an offer than a prospect who has never purchased from you before.