If you are a seller, the most important thing is to selling products as many as possible. You will find all ways to improve productivity. In fact, we can not deny that getting new customers plays a very role in your business.
However, have you ever thought that keeping your existing customers more important than getting new customers? I am sure that you have ever done.
Why?
Blow are some main reasons why fostering your current customers is more important to your business.
Your brand is built
Keeping hold of existing customers brings a lot associated benefits including they are likely to purchase other products from you. Because nurturing a lasting relationship with your current customers can make them trust you more. You easily offer other products even when they do not demand. This is obvious and known by any sellers.
Additionally, as a seller, you recognize that fostering your current customers is likely to introduce your products to others via word-of-mouth referrals. In fact, advertising is always less convincing and believable than tips and tricks from friends or relatives on where to buy something good. Word-of-mouth referrals are really considered to be more objective than advertising by emails, brochures, or videos to get new customers. In other words, fostering your current customers is likely to bring new customers. That is the reason why keeping your current customers needs to be a high priority.
Lifetime Value (LTV) is improved
According to Wiki, the Lifetime Value (LTV) is “a prediction of the net profit attributed to the entire future relationship with a customer”.
Image that a customer pays you $2000 today and then disappear while another one pays you $400 per month for 5 years. Of course, the second person brings more value to your business. That is why keep a lasting relationship with your customers when new customers will have a low lifetime value.
Fostering your current customers is more cost efficient
Remarketing to existing customers is more cost effective than getting new customers. The reason is that costs related to marketing to new customers can be saved.
With the aim of providing an effective tool to help online merchants serve their customers better, PrestaMonster.com launches Quick Quote Tool Pro. It is designed for PrestaShop users where the buyers can raise their ideas, ask the seller for quote on pricing or discuss before purchasing.
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