Unfortunately for many companies, they still tout their love of customers as their main strength. If you think about it, though, who DOESN'T love their customers? Buyers of your products are who keep the doors open; without them, you would have no business. So, of course, you love them to pieces. It's a give!On what, then, should companies focus their attentions? The article states some interesting statistics that help put it in perspective. For instance, if a company experiences 6% growth each year with it's current customer base, it will double its business in 12 years. That's not bad, but, especially for companies with high growth potential, that could be increased dramatically by focusing efforts on gaining new loyal customers. That's right: NEW customers!
Remember the old adage: it's more expensive to gain a new customer that to cultivate an existing one. Does this new focus mean the adage isn't true anymore? No, of course not! It's still cheaper to keep existing clients. That means that less time and energy has to be spent to keep them happy. Now, what can you do with the extra time? Get NEW customers!
-MJP
