“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?
Gaining a customer’s loyalty is crucial to a brand’s success. And having a brand that meets your needs and that you love and understand is something most shoppers want. Like I said recently in Loyalty360, Norm, Cliff and friends were loyal to Cheers not only because everyone knew their name but because the staff knew them personally.