There are plenty of products and services on the market from which your customers could choose to make their purchases. Customers that select your business to purchase goods or services do so because of their overall perceived value of your business. Consequently, your business must produce value that connects to, and positively influences, the customer’s perception. If the customer has a positive perception of your business, they are more likely to make a purchase and promote your services or product, which can translate into future sales.
Like most businesses, I assume that the goal of your marketing strategy is to generate profit and brand awareness; which means it has to identify the right type of customer. From a marketing perspective, there is no better customer than a repeat customer.
Considering the cost of maintaining repeat customers is less than gaining new customers, the additional revenue could be used for increasing your business’s competitive advantage. Consequently, building customer satisfaction and loyalty are paramount for retaining customers and increasing revenue.
— For more lessons like this, purchase your copy of Act Like a Business: Think Like a Customer by Dr. Elijah Clark from all major bookstores. —