The Hidden Power of Your Customers: Four Keys to Growing Your Business Through Existing Customers

RETURN TO THE CUSTOMER

The idiom “A bird in the hand is worth two in the bush” comes to mind here. I like the description provided in the New Dictionary of Cultural Literacy: “The things we already have are more valuable than the things we only hope to get.”1

It has been my experience that many companies spend most of their time and budget focusing on selling to new customers and end up neglecting their existing ones. This might work in the short term, but eventually these companies will find themselves losing more customers out the back door than they bring in through the front door. Additionally, the onset of social media is driving a major change in customer behaviors and habits, making it highly risky not to focus on existing customers. Social media has brought the customer experience to the forefront of discussions, so it is important for companies to be more vigilant than ever before.

As a result, some people will tell you that you need outstanding customer service. But customer service is not enough. You also need marketing that connects with your current customers. In fact, you need to consider the entire customer experience and support it with a customer-centric culture, one that promotes an equally exceptional employee experience. And, of course, you do need outstanding customer service.

Strengthening customer relationships has become an integral part of doing business. As mentioned, changing customer behaviors as a consequence of increased customer expectations, coupled ...