New Customers: The best way to make money with them

The most important thing in business is to realize that your new customers play a very important role in the successful growth of your business and more importantly the business’ profit.

Before you spend any money acquiring  new customers, you must first understand a few points, then incorporate them into your marketing plan.

• It’s easier and cheaper to market your product or services to an existing customer than it is to market them to a new customer.
• It is easier and more cost effective to market your products and services to a referred customer than it is to market to them to a new customer.
• It is easier and more cost effective to market your products and services to a previous customer than it is to market them to a new customer.

The majority of businesses and business owners fail to understand the three points made above.

As a result, they spend a lot of money trying to “wow” new customers through advertising and promotion.

When this method doesn’t work, they throw more money behind these advertising efforts only to discover not so good results.

Honestly, the statistics show that getting new customers is seven times more costly the existing customers.

So here’s what I’m telling you:

• The easiest customer to sell to is your existing customer.
• The next easiest to sell to are referred customers.
• The next easiest and most economical customers to sell to are past customers.
• The least easiest and least economical customers to sell to, are new customers.

Operate our business on the premise and you will see your business and profits grow.