Small Business Minute By Greg Weatherdon

I regularly work with small business owners who are so focused on growing their customer base that they ignore their existing customers. Existing Customers Are More Profitable What most don’t realize is that existing customers are far more profitable than new customers. In fact, it can cost you 5 to 10 times more to get a new customer than it does to service an existing customer. In addition, if you can increase an existing customers’ loyalty or purchase frequency by just 5%, you can increase your profitability between 25% and 85%! So why is that? Well, when you consider how much effort goes into … Read More