Old Customers Versus New Customers Is it human nature to constantly go after new customers without making sure the old ones are safely in the fold? Maybe it's more exciting, or it somehow satisfies a primeval hunting instinct. Or maybe it's the Groucho Marx syndrome, whereby one doesn't want to belong to a club that would have him as a member. We all know that it's far more cost-effective to nourish existing relationships rather than going out and finding new ones. Big companies, small companies, and one-man-band companies are all guilty of this. Viral marketing is often spoken of as a way of attracting new customers/clients. But really, how many folks actually mine their customer databases and use those most loyal customers as advocates? So often I hear these practices talked about conceptually and in the abstract, as opposed to actually executed for any kind of tangible benefit. Of late, CRM is a hot button item, like branding or viral marketing. It's not like we don't have the technology to support these efforts. We're drowning in database data, which can be sliced and diced sixteen ways to Sunday. Like so much other hyperbole around Internet marketing, it's a good idea to keep one's eye on what direct marketers do. Look at best practices in the specific areas of customer retention and customer loyalty. If you can't wean yourself off the urge to gobble up more and more new prospects, then see what DM'ers do when they practice what they call Customer Acquisition. |
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