As a business owner, you have to keep coming come up with creative ways to attract new customers. But as you know, this type of marketing can be expensive.
It’s much more cost-effective to market to your existing customers than to find new ones. Acquiring a new customer is six to seven times more expensive than retaining a current customer.
Sure, you may be very profitable right now without putting too much emphasis on acquisition. However, that business model isn’t sustainable forever.
You can’t grow at an exponential rate without expanding your customer base. Sooner or later, you’ll need to run marketing campaigns to attract new customers.
That’s why you need to implement customer acquisition strategies that won’t break the bank.
A customer referral program is one of my favorite ways to do this. Your campaigns will leverage your existing customers to bring in new business.
Take a look at the most significant driving factors of retail revenue:
As you can see, retention and acquisition ranked first and second on the list. Combining both of these into one marketing campaign will be very beneficial for your business.
If you can properly implement a customer referral program, you’ll get new customers without having to do much work. All you have to do is set up the program. The r… Read More