Now I’m no statistician, but increasing costs by 7x sure is a lot!
But does that mean you shouldn’t try? Absolutely not! Although there’s value to be had in keeping your existing customers, where would you be without your new ones?
At CANDDi, we’ve found it’s always good to have a balance. Don’t spend too much time marketing to new audiences that you leave the guys who’ve already given you their cash out in the cold. That’s just rude. And don’t get too caught up in making sure your customers are okay every day either.
It’s all about creating a circle of marketing. Or something like that. Happy existing customers = trust and brand loyalty, which will act as an excellent advocate for your new customers who might not be so sure.
So as long as you don’t neglect your current customer-base, don’t be scared to broaden it just because it might be ‘expensive’ on paper. It’ll pay off.
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