Previous customers are easy to overlook. For many businesses, the major focus is on attracting new customers and it is easy to understand why. Online marketers, in particular, are under pressure to spread a brand’s products and services to a new audience.
After all, if all you’re doing is preaching to the converted, is there much point?
Unfortunately, this can lead some businesses to neglect the people that got them their initial success: their previous customers. Although new customers are important, it is vital that businesses remember to focus at least some of their marketing efforts on their previous customers, as the results can be extraordinary.
Increasing retention and revenue
The simplest reason for businesses to continue marketing to existing customers is that it can improve retention and revenue. Once a sale or subscription has been made, those customers don’t disappear.
In fact, they may want to continue their relationship with your business – if you keep your products and services at the forefront of their minds.
What’s more, previous customers are much more likely to be receptive to your marketing material (assuming they were pleased with their original purchase) and may follow your brand in some way already via email subscriptions or social media channels.
Research has shown that existing customers are more likely to spend higher sums when compared with new ones, highlighting how important it is to keep them in mind.
Use what you have for lead-generation
Previous and existing customer are hugely important when it comes to making new ones. Customers that already have a relationship with a brand can play a prominent role when it comes to spreading a message or sharing new content.
When you combine shareable content with the reach of your existing customers, businesses can achieve impressive ROI on their marketing investment. For example, many companies now order automatic Instagram video views for a piece of content, which then makes it more visible to their previous customers, who in turn share the content to friends and followers.
In this case, a small initial investment, combined with an appreciation of your existing customers, can be an effective method for generating new leads.
Image Source: The Blue Diamond Gallery
Building a long-term connection
By appreciating your previous customers, businesses can eventually build up the sort of long-term connection that is mutually beneficial for brands and customers alike. Previous customers are not simply figures on a sales sheet, they are potential brand advocates.
If you show them loyalty in terms of marketing materials, offers and interesting content, then they will be more likely to show your brand loyalty in return.
In addition, existing customers can provide businesses with a wealth of information. Whether it’s by using email surveys or harvesting social media data, previous customers can tell a business a lot about itself. What are you doing well and what could be improved on? What sort of content is gaining traction and what is sinking without a trace?
Existing customers can tell brands all this and much more, so it’s vital that marketers remember that when putting together their campaigns.