Register now or log in to join your professional community.
Hi Mostafa,
It is a well known business rule that acquiring new customers is more costly than maintaining existing customers. This is because acquiring new customers involves research, sales, as well as marketing efforts. It is better to channel your effort into maintaining excellent relationships with your customers in order to gain their loyalty, that way they will indirectly fund your research for new customers by remaining your client and still pay for you products/services.
That question cannot be answered properly without information on:1) New marked - What are the opportunities of new customers
2) New products/services - What is in pipeline of new products/services for both new customers and existing customers
3) What can you do better for your existing customers, and can you still deliver to them. Eg. a Funeral Service has to find more new customers than a Supermarked does.
So it all comes down to marked, goods and customergroup. But overall its always a good idea to have an open mind and vies for new customer relations, one thing is sure, that your current customer group will always decline over time.
I think both of them are very important equally.
There is an old saying " 1 satisfied customer is equal to 10 new ones".
