Reduce Customer Acquisition Cost

Customer Acquisition Cost, a fancy term that only asks you what it costs to get a new customer or client. You may not know the exact number (you should) but you know that in many companies it is not cheap. So if you can reduce that cost and keep getting new business it would be a big advantage. The big companies spend millions on advertising that blasts their offers and brand names in our faces constantly but as a smaller business we can't afford to to that. So how can you increase your customer base and still stay within your marketing budget? We all need need new customers to grow and prosper.

Why not use the method that does not cost money and should already be part of your Customer Experience.  One way is to encourage more referral business from those already pleased, happy and excited about your business. But to get those referrals you must be providing outstanding products and service all the time. Offering a low price does not build loyalty over a long time, just loyalty for that one order. If you give your current clientele the best they can get anywhere and do it all the time you will build that loyalty that breeds referrals. Referral business is more valuable than any advertising you can buy. And don't forget to ask for those referrals after every transaction so people will know you really want them.

Barry is a professional speaker on The Customer Experience and Building Business Relationships. More info at www.idealetter.com