Thursday, April 16, 2009

"Make New Friends But Keep The Old"

"One is silver and the other is gold......" is the start of an old Girl Scout song whose author is unknown.

This principle holds true with your customers. Statistics vary by industry and method of calculation. The general rule of thumb is that it costs 5x as much to acquire a new customer as it does to retain an old one. In a recent business luncheon we were told that our current customers have the capacity to provide 30% MORE business than they currently are.

I just received this email from a repeat customer the other day:
"...Thanks a lot for again coming up with a fabulous basket. .... I look forward to more wonderful baskets in the future." Carol K. from Barrie, Ontario.

This is Pure Gold in our world!