MARKETING STRATEGIES
- Understand the power of existing customers.
A 1990 study by Bain & Company and HBR, found that it costs, on average, five times more to acquire a new customer than close an existing one. This means you shouldn't stop marketing once they've made a purchase.
Identify your opportunities for repeat purchasing, upselling, and cross-selling. Because your existing customers have already made a purchase, they already know, like, and trust you. If you've provided a good experience, you've given them a reason to do business with you again should the need ever arise.
Even if the need doesn't arise (in cases where it's a one-and-done purchase with no upsell opportunities), you should still delight your customers. Word of mouth is a powerful (and free) promotional tool.
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