Easily forgotten, but at your peril - for those customers who have shown the foresight to adopt your fledgling products and loyalty to stick with you, are crucial for the continued success of your business.
It's worth remembering, that when it comes to business these are the key facts of life:
Fact 1. It costs between 4 and 10 times to attract a new customer than keep an existing one (Chartered Institute of Marketing).
Fact 2. Unhappy customers will tell 8-10 people, whilst satisfied ones will tell only 2-3 people (White House Office of Consumer Affairs).
Fact 3. Recommendations from people we know is the most influential form of marketing (Neilsen, "Under the Influence" Report, 2013.
Fact 4. The probability of selling to an existing customer is 60 – 70%. The probability of selling to a new prospect is 5-20% (Marketing Metrics).
Fact 5. A 5% reduction in the customer defection rate can increase profits by up to 95% (Bain & Company).
As we hurtle towards another election, am I alone in feeling increasingly frustrated with the political choices available to me?
Frustration doesn't cover it - a form of incredulity perhaps?
Politicians have seemed to transform into an amorphous mass, not distinctive, open or willing to listen.
The irony is, of course, that business is often pilloried by our politicians as a den of iniquity, amoral and closed to scrutiny. Whilst this may have been true in some cases (see Tesco and Banking blogs) even the most partial observer can't have failed to recognise that the House of Commons has a disproportionate number of cheats, liars and lawbreakers amongst its members.
Chris Lorimer is an
experienced management consultant who has helped many owners, Directors and staff to achieve more.