Evaluate Your Organizations Customer Acquisition Strategy

Every Organization Should Be Looking at And Evaluating Their Customer Acquisition Strategy

Evaluating your customer acquisition strategy is a fantastic way to start making more money off of the customers you already have, instead of trying to find and cultivate new customers.

When you set out to find new clients or customers it can be quite expensive, marketing, advertising, promotions, discounts and the time it takes you to organize all of this and then deal with any of the responses coming in. All of this can be extremely expensive and also take up a lot of hours. Instead of focusing on trying to find new clients or customers which are expensive, instead, it could be time to focus on the clients which you already have.

When you have a business relationship which is already established, it is much easier to approach new potential services. You and the client already have an existing relationship and understand each other. You don’t have to advertise or run promotions which will allow you to offer better incentives to existing clients.

Many studies claim that to acquire a new customer could be as high as five times the price it takes to retain an existing client. This means that for every new customer you find, you would have saved five times as much retaining an existing client. The next time an existing client comes to you and asks for a small discount or to renegotiate a contract, knowing how much it costs to develop a new client might make business decisions much easier. Keeping an eye on what the market is doing, how you could upsell new services to existing clients is very important. If you are already doing business with someone, then it makes much more sense to try and group as many services as possible together. You could even afford to offer them a competitive price because you’re saving a lot from having to recruit.

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About the Author My Banker Jermain

Jermain Pettis is a trusted commercial banker with close to two decades of banking industry experience. Jermain leverages extensive financial solution knowledge, diverse banking experience and a customer-centric approach for first-class financial advisement to his clients and prospects across multiple industries in and around the State of Georgia.

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