Spy Biztips: The importance of keeping customers

Category : Business Posted by : hoop
Posted on February 1, 2005 | Viewed 235 times

An astute marketer once said: “Business is no longer about market share but about the share of a single customer.” Business statistics revealed that allocating all your resources toward attracting new customers is the most expensive and least profitable strategy for business development. It cost about six times more on the average to attract a new customer that it does to do business with an existing customer. This means that your most recent customers are your best prospects for buying something else from you for an immediate new transaction, a cross-sale, or an add-on sale. Remember that good service spreads to only about five people while bad service spreads to 30. It pays to promote and to advertise.

SpyBiz@Philstar

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