By Michael Gavin, SVP, Sales, Merchant Warehouse
Early last summer, I wrote ‘Three Key Strategies to Attract Customers and Grow Sales’, an article geared towards small business owners, both merchants and resellers, and focused on customer retention, customer service and leveraging mobile to attract new customers. As I reflect back on the past seven months and both my personal experience as a consumer as well as the key activities of our customers (agents, resellers and merchants), I want to take a deeper dive and focus in on one specific topic – customer retention.
It’s well documented that it’s exponentially more expensive to attract a new customer versus retain an existing one, yet so many business owners focus the majority of their attention, and financial investment, on acquisition and not retention. Building loyalty with existing customers is a critical business initiative that should not be overlooked and it’s typically a lot less expensive than advertising to attract brand new customers.
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