‘Sign up today and get 10% off.’
‘Register, and we will offer you all the perks.’
It is what you do to entice new customers. You offer them a deal. What about the existing customer?
The current customer is loyal. They are here every day/week/month, just as you ask them to be. They respond with five stars and likes. You now offend them and treat someone you don’t know with more respect. What did the loyal customer miss?
Is this what we do with long-time loyal friends?
It costs eight to twelve times to gain a new customer compared to retaining an existing customer. The math is simple. I am here; take care of me.
Maybe growth is not the most profitable solution. Check the math, and perhaps you want to keep the old customer happy.
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