Looking Inward in the Quest for Revenue Growth
The best customers are the existing customers of a business. But all too often, those customers are forgotten. Many small business owners consider new business to only be new customers. Research shows that 80% of business comes from just 20% of customers. More importantly, most economists will say that it is up to five times more profitable to spend money on marketing to existing customers than to new customers.
Simply put, customer retention is central to a business’ existence and its growth.
But customers these days are less loyal than ever. They have more choices and more awareness of those options. Plus, new businesses tend to want to undercut existing relationships using the hacksaw of lower prices.
We understand and appreciate these concerns. We work with small business owners and organizations to develop successful programs to expand their sales to existing customers. Our campaigns start with a detailed investigation into who a business’ customer base. Who spends the most, what do they purchase and what would work best to encourage them to spend more? These questions fuel the customer retention campaign.
Bigger Pie Strategies uses a wide range of tools to build a successful customer retention campaign so existing clients become repeat clients – and generate additional sales.
Bob Graham is CEO of Bigger Pie Strategies. He has more than two decades of experience in marketing, public relations and journalism.
