I am sure by now we all have heard the old axiom that it is five times more expensive to go find a new customer than it is to serve the one you already have.
Not only does the 5:1 ratio pretty much still hold true today, but even more importantly, creating customers for life is simply the best business model in the world!
Too many companies, salespeople, service people, marketing people, etc try to go milk other people’s cows instead of milking the cows in their own pasture.
I think the best marketing is creating exceptional service experiences and exceeding the expectations with the customers you have.
When you do that, not only do you create loyal net promoters, but the positive stories that your customers share will bring in other like-minded customers. Of course, your goal with them is also to create another customer for life.
Remember, the service bar is continually rising. If you are not getting better, you aren’t just staying the same, you are perceived as getting worse.
If you want to keep the customers you have and have them bring their friends, then you better focus on continuous experience improvement.
Click here to view the infographic below: