Whenever we visit a potential new client, the first question to us is usually, “How do I attract new customers to my business?”
We usually tell our clients they may be competing in the wrong playing field. New customers are notoriously fickle. Half of them leave you after one purchase. New customers are rarely your best or most profitable customers. Existing customers count for more than 80% of the sales of a typical business.
Yet most businesses spend six times as much money on new customers as they do on existing customers. Although the grass may look much greener on the other side of the field, there is much more green to be made by sticking with the customers you know rather than the ones you wish you could attract.