As businesses owners, our tendency is to think of business in terms of quantity. After all, were programmed to think that more is better: more customers through your door means more sales, and more sales means bigger profit for you.
But in reality, not every single person who goes through your door actually goes out having bought something. On the other hand, you can always rely on loyal customers to always spend their money on you. Theyre 50% likelier to try new products and 31% likelier to spend more than new customers.
The moral of the story is simple: at the end of the day, its wiser to focus your efforts into retaining customers than acquiring new ones because doing so saves you money and creates profitable brand loyalty.
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