Marketing advice for small business in Sydney - to gain or retain
One of the most important things that small businesses owners in Sydney and Melbourne should pay extra attention to when it comes to managing customers is to retain them.
According to Harvard Business Review (HBR), it is 6-7 times more expensive to gain a customer than retaining one. This should be a solid reason for all small businesses to focus on building and maintaining relationships with their customers.
It is probably a better strategy to retain customers by delivering value to them. A pleased customer will be your “direct marketer” when he/she spreads word-of-mouth about your business.
Word-of-mouth (WOM) is one of the strongest marketing tools ever because it is highly credible. With WOM, it will attract you with new customers, thus, gain customers.
A repeat customer also means repeat purchases, which is a long term business relationship. With long term business relationships, you are able to generate profits from the core customers. How can we retain them?
Contact Little Marketing, your small business marketing consultant in Sydney, if you are keen on working with us to build your customer base and relationships.