In times when no business can afford to heave a sigh of relief due to adding competition with each passing day, it has become important for every business to create a distinctive market presence.
Have you ever noticed why some online businesses fail while many others progress to the next level of business? The answer is quite simple. While the former category believes in attracting new customers without paying a heed to its existing customers, the latter category believes in satisfying existing as well as potential customers.
A business that neglects or avoids its existing customers does not set a good precedent in the market. Existing customers find a place of solace on competitors’ websites. This means that qualified referrals that were coming from existing customers are also lost by the negligent business. Can you even imagine such a business to carry on for long? You guessed it right. Such a business cannot stand for long and its fate is decided even before it makes its next move.
It is, therefore, important for a business to realize that existing customers are not only source of business sales on their own but they also bring new customers for the business. In order to keep them and potential customers happy, a business can opt for email marketing. This is simply because e-mail marketing offers a unique ability to a business to keep its relationships strong even on a shoestring budget.
It is advisable for a business to reward its loyal customers by offering loyalty bonuses etc. Such business measures can encourage customers to sustain their loyalty even amidst times of crisis. This is evident from the fact that several studies recently revealed that a 5 percent increase in retention could result in profit increases of almost 20-100 percent. In addition to that, some businesses recently survived hard economic times just because of the fact that their loyal customers did not leave them when they needed them the most.
Is your business on the right path to satisfy its existing customers or is waiting for a miracle to happen?