If you have a website, one area you track is your visitors.
You look over time whether they are mainly new or repeat visitors.
Do you do the same for your customers?
Do you know how many repeat customers you have?
I asked a group of small business owners this question recently and most said no.
They hadn’t thought to track, as they were just happy to have customers.
Knowing how many of your customers are new or repeat can be quite revealing. This is because it can highlight problems and opportunities to grow your business profitably.
It is also a way to simplify your marketing.
It gives you insight into how your marketing strategy and tactics are performing and the time and money implications.
If you are using the same marketing strategies and tactics for both groups then you would not be on your own. Yet by doing this complicates your efforts and weakens your customer relationships.
New Versus Repeat Customers
The first thing you need to know is what is the split between new and repeat customers. As well as the trend between the two. Obviously if you sell one off products or services then this does not apply.
If you have a majority of new customers with little repeat business you need to consider what is causing this and then work to fix it.
There are no golden rules, however it has been shown that costs go down considerably if the majority are customers who buy often.
One Size Fits All
This approach doesn’t work in any aspect of your business or marketing. Each segment of customers has their own needs and desires and their relationship with your business is different.
If you are developing and implementing the same strategies for new and repeat customers then it really is a shotgun approach and wastes time and money. It also will not help your business grow as it is not tailored to a particular segment.
By simply looking at their needs and desires and tailoring your strategies, you will be more effective.
You can then easily switch and focus your strategies and tactics if you decide that you need to concentrate on one area such as getting more customers.
This process is an example of how simplicity can help get business growth and strong customer relationships.
So, over to you, do you track your customers? And do you separate strategies?
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