…… so what are doing to keep them ?
Most of us know that we need new customers …. in fact, most people devote the vast majority of their time, money and energy on acquiring new customers and all but ignoring existing business … a huge mistake.
There are only 3 ways outside of new business to grow ….
- Increasing the average spend
- Increasing the amount of visits/spend
- Increasing the loyalty or life of that customer
Lets take average spend as £3 (a tall cappuccino and a muffin in Starbucks would be £3.34). If I have 100 customers a day then my turnover would be around £100,000 p/a.
- If I can increase the average spend by only 50p I would add another £15,000 …. and just think of how many ways you could do that.
- If I can get 10 customers a day to come back again an extra time a week I add another £9,000.
- If I can increase the loyalty of an average customer from 12 months to 15 months I add another £25,000.
- Do all three together and double turnover and its much easier because these people already know, trust & like you – and we all buy from people we like!
As you can see, increasing each one of these – or all three – by a small amount produces dramatic results. So, in addition to acquiring profitable new customers look for ways to grow your business using the customers you already have and focus your marketing activity directly at them.
You have to be thinking the business bit all the time …. because now you have mastered the quality bit … your coffee already tastes great … doesn’t it ?