Article: Which Is Better: Repeat Business Or Adding New Customers?
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Which Is Better: Repeat Business Or Adding New Customers?
Every management authority on the circuit says that loyal customers and their repeat purchases are the cornerstone of your long-term successful business. The reason is obvious: it is less costly to get your existing customers to buy more than it is to find new ones. The lower cost of sale leads gives you higher operating margins, which you can then invest in other business building activities, and so it goes.
Since I'm bringing this up at all, you've got to ask yourself, "Is this old saw true?"
For incremental growth up to around 20 percent per year, the answer is yes. It's true.
Spend your energy selling more to your top customers and you'll do just fine. And 20 percent year after year is definitely nothing to sneeze at.
But w...
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