Stop Prioritizing New Customers Over Current Ones

The idea of reaching more people with your products and services is so enticing that it can be one of the most disastrous mistakes you make as a business owner.

See, for most business owners, reaching new customers is exciting. It means more people know about what you are offering. More potential customers. And most hope that it means more sales and more profits.

However, you must realize that using your resources to reach new customers means having less time and resources to nurture relationships with current customers.

So why is it essential to nurture these relationships?

More Expensive

Firstly, acquiring and convincing new people to purchase your products or services is more expensive than convincing old customers to buy again.

From the activities you need to engage in to meet new customers to the marketing you must do, turning an old customer into a repeat customer is always easier and requires fewer resources.

Word of Mouth Advertising

You know that word-of-mouth advertising is a small business's best advertisement.

You also know you are more likely to try a new product or service if someone recommends it to you than if a business owner markets it to you.

Customers who buy from you a second and third time are already loyal to your business. These customers are more likely to recommend it to others when they are loyal.

So, how can you engage your current customers? How do you balance reaching out to new customers while keeping your resources balanced enough to pay attention to and nurture your relationships with old customers?

The Challenge
This week, I challenge you to evaluate whether you have been spending time and resources acquiring new customers or nurturing current customers.
Then, brainstorm some ideas to help nurture your relationships with the people who have bought from you before.