Why You May be Wasting too Much of Your marketing Energy Finding New Clients
It’s a mistake many a business makes when it comes to marketing strategies, ‘lead generation’ addiction is getting out of hand and we think it’s time we re-evaluate how companies prioritise their business. Loyal customers are huge assets to your business and you need to ensure that you are focusing your energy on them before spending time and money chasing dozens of potential leads who may turn up empty.
Don’t forget about the fans you already have, here’s why:
1. Lead generation can be a costly process. Work hard at keeping your customer satisfaction levels up so your business won’t have to fork out thousands again and again on wooing new clients. The U.S. Office of Consumer Affairs claims that it is five times cheaper to keep a client than to get a new one.
2. A strong and established working relationship means that less resources will be wasted trying to understand how a client thinks and what they expect from your services. On the flip side, new clients are more likely to need more attention as both parties figure out the relationship and best possible outcomes.
3. Longer relationships open more doors. As trust is built between you and your clients it is more likely that opportunities will arise in which you could diversify the range of work you do for them. You may even find that your company can benefit from their services.
4. Before you argue that if you’re not going forwards, you’re going backwards, remember that satisfied customers who feel well looked after are more likely to refer their networks to your services. Along with that, they will also have some impressive testimonials to add (maybe to a future pitch).
5. Paying attention to your current clients can reveal invaluable information about your services. Talk to your clients, ask them what they like about what you’re selling, but also ask what you could improve. The resulting insight is the kind of data hundreds of companies pay strangers to get out of their customers. There is a fair chance that when they see how much you care about their experiences and opinions, their loyalties will be solidified, too.
Before you think we’re trying to sell you on some doomed marketing strategy, let us reiterate that we’re not suggesting that your company abandon lead generation projects. Instead we’re reminding you of the benefits of taking care of your current long term clients. Take care of your fans and they could become your cheerleaders, you’ll thank us later.