Marketing

People spend a great deal of money trying to acquire new customers.

Others realize their current customers are more valuable than new customers so spend their time and money keeping their current customers happy.

Another way to look at marketing is to market to your current customers to have them refer new customers. The main way this is done is by providing good service to these current customers but you can also incentivize them. With some companies they will offer a commission or affiliate program for referrals. Others will provide a discount to current customers who refer new customers.

One thing to keep in mind a non compensated referral is worth a great deal more than a compensated referral (simply meaning, if someone knows you are paying people to refer customers to your business it’s not as valuable as if they know these referrals are being provided simply because it’s what they truly believe.

Keeping current customers is extremely valuable. Getting New customers is valuable. Getting new customers from current customers can take your business to a whole new level.

Just something to think about.

Have a great day!

Lawrence

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