Should a company focus on existing customers to grow?
The big mistake small business makes that keeps them small is they do not expand their customer base. They tend to become a word of mouth business which is a huge mistake. This only attracts customers they already have and the friends these customers talk to. An effective marketing effort is always reaching new customers. An example of this is the Super Bowl every year where you see well known established companies spending millions to remind you they are still in business.
Great Marketing has 3 Focuses:
- Existing Customers
- Referrals from existing customers.
- Completely new customers who have no relationship with existing customers.
