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On fact the both choices are very important to the survival and development of any firm. Customer retention is rated as the highest measure of customer satisfaction which is an ISO requirement for example, while the loss of existing customers indicates that there is an internal problem in the firm or its system, which should be reviewed immediately, especially if firm losing its client frequently
The major problem of keep working with existing customers only is that will stop the creativity of the employees, and leads them enter day-to-day boring works loop, while the research and acquisition of new customers is considered a very important new challenge and examination of the strength and ability of the firm and its employees to get out of the comfort zone and face the market updated and changeable requirements to meet the market demands, ex. the ways in which competitors retaining their customers, the facilities provided to customers, updating the information of new entrants, those who left ... etc. all this will not achieved with old customers only.
On the economic level, certainly getting new customers has a big role in expanding the market share of the firm and to compensate for the potential sales drop when the exit of an old customer from the market
I believe retaining customers is definitely more important. If your current customers are happy with you and your work, they are more likely to spread good news about you, thus ending up with new customers as well. Focus on keeping strong and good relations with those you currently have and your business will increase naturally.
Retaing old customers should be the foremost priority of the Sales Person but that doesn't mean that his reponsibility is over, he has to generate new customers otherwise there will be no increase in business volume for the comapny.
The old customers are assets and pillars for the foundation and godwill of a company and the new customers are the bread and butter for any organisation.
I believe retaining customer is more important than acquiring new customer
retaining cotumers, offer them discounts as much as we can to provide costumer service satisfation.and in addition to that, dont automatically downgrade the costumer's choice.
Based on experience I prefer retaining customers as priority since it is easier to set up your approach, achieve your intentions, you already had the foundation of relationship and this may also lead as well in helping to acquire new ones.
In my opinion, retaining customers is as imprtant as acquiring new ones.
Retaining the client which is the customer is the best option,In terms of consumer satisfaction and profit maximization
I believe retain old customer is more proirity of the sales. on fact the both very important to the survival and development of any firm.
In competitive business environment retention of customer & acquiring more new customer both are needed to sustain & grow business.
Retention of customer will lead to sustaining customer who are already attached with you & also a happy customer will become a brand ambassador himself. Some people also says it “word of mouth” marketing by a happy/loyal customer.
New customer will help you in direct growth in business and also potential upswing of your market share.
In my experience both are important & organization must have strategy for both types of customers
No customer satisfaction = no retention. No retention = shrinking customer base. And bad word-of-mouth. And plummeting profits.
You simply need a great product or service. And surely, you need a competitive price. But the future belongs to the experience around your product or service, through each stage of your sales funnel.
Not the price nor the product itself. It will first and foremost be about the experience – and customer satisfaction – you provide.
In essence, their satisfaction with your brand, your product and/or your service, your messaging, and more, will make or break you. So you have to take into consideration all these factors either to retain your existing customers or to acquire new clients.
