Keep Your Customers
Apr 1, 2006 business, marketing, small business marketing
Hello folks, it’s been too long.
I just want to mention briefly today, how important it is to keep you existing customers.
“But Ryan,” you say, “some of them are ridiculously demanding. They make unreasonable demands that I can’t justify.”
Okay, that’s a fair complaint. Just remember, it costs 4 to 7 times more money to get a new customer than to keep an existing one. If your customer is making you any money at all, even if it’s just a bit, do you absolute best to keep ‘em.
Disclaimer: if you happen to have the fortunate problem of more demand than you can handle, then maybe it IS right for you to drop one or two of your less profitable customers in order to take on new ones. IMPORTANT: This must be done very thoughtfully. Always consider the effects that dropping a client will have in the long-run. Just because a customer is making you very little money now (or even losing you money), is it possible that keeping them around could be profitable to you in the distant future.
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