What does growing your business look like to you? Do you measure it by total sales, increase in customer count or a metric such as incremental growth in spending by your existing customers? However you look at it, you have to not only keep your current customers coming back and spend more but adding new customers to that mix. How do you go about that? Bringing in new customers or getting your current customer to spend a little more. There are numerous methods and mediums that business owners can use but nothing is more cost effective and reliable than obtaining customer referrals from your existing customers.
Studies show that it cost 5 to 7 times more to acquire a new customer than it does to keep your existing customers. Yes, we know that keeping our existing customers is vital but it also vital to bring in new business as well. The dilemma is that small businesses often have small to sometimes no marketing budget so relying on referrals is even more important. How comfortable are you asking your customers for referrals? Are you a service or product business? The key is being comfortable asking for referrals if you feel that you have earned that from providing excellent service to your customers.
It can be confusing which advertising methods can bring the most bang for your buck, but it is abundantly clear that simply asking your customers to send their family and friends your way if they are happy with your products or services is not a dilemma at all. You will be surprised how willing customers are to refer that family and friends, but a high majority would like something in return. That is where Dealsby comes in…
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