Locating New Customers is Challenging and Costly
Prioritize Marketing to Your Existing Customers to Save Time and Money
Finding new customers is how you go about growing your business, but this shouldn’t necessarily be your main focus when marketing. The best thing you can do is prioritize marketing to your existing customers instead of finding new ones.
Why is marketing to existing customers more effective than finding new ones?
For one reason, you know for a fact that your current customers are actively seeking out your services – and they are going to be much more likely to purchase from you because they have consumer loyalty.
For another, finding new customers is not only challenging and time consuming, it can quickly become costly, too.
Don’t break the bank chasing new customers
It’s hard to get around the fact that finding new customers requires time and money.
In fact, acquiring a new customer can cost you five times more than retaining an existing one. This is because consumers will buy from brands they trust and a current customer knows that they can trust your business, while a new one may be skeptical or, at least, overwhelmed by all the competition on the market.
If that isn’t convincing enough, here are some other statistics that show the difference between trying to sell to a new customer vs. an existing one:
The probability of selling to an existing customer is 60-70%, while the probability of selling to a new customer is only 5-20%
Existing customers are 50% more likely to try new products than new prospects
Half of consumers have said they will spend up to 57% more on brands that they trust and are loyal
You need clean data to capitalize on these statistics
Your marketing efforts are only as good as the quality of your data. Marketing to existing customers requires clean data, like accurate customer contact and vehicle information.
In order to maintain meaningful connections with your customers, your data should empower your service department to anticipate upcoming services and send meaningful reminders to schedule service appointments. Otherwise, the money you could have made will instead be spent at your local Jiffy Lube.
Let The Autominer clean and polish your data in order to create a Golden Customer Record for all of your customers -- existing and conquest
Schedule your demo today!