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The answer to your question depends entirely upon what you need to do to keep old customers versus what you need to do to get new customers. It also depends on your industry. As a lawyer, I get a lot of business by word of mouth. I keep my old clients by giving good service. I get new clients by advertising, owning a website to market my firm and by participating in forums like this. I get new likes from referals form existing clients. I can't say there is a definitive answer to your question. It might requiress less EFFORT to retain existing clients, but that doesn't necessarily translate to a valid cost comparison.
It also depends on what it is you do for a living? If you are like me and you specialize more in Outside sales or Executive outside sales, most of the time it costs more to keep the existing customers. But you DONT EVER want to just focus on the cheaper way to go. Or to just focus on new customers. Since its the existing customer base that will be the ones making the big purchases, giving you referrals and things of that nature.
But in this line of sales its not out of the ordinary to be buying them fancy dinners/lunches, buying them drinks, taking them on trips, etc....and that can get real expensive real quick.
== == Additionally, in marketing terms, it's said that it's eight times more expensive to get a new customer than to keep an old one. If you serve a customer well, they will be a repeat customer. It costs more from an adverstising and time standpoint to generate new customers.
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∙ 15y ago
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How much more does it cost to attract new customers than to keep old ones?
One or two times more.
Is it harder to obtain new customers or keep the old ones?
It's much more difficult and expensive to obtain new customers than keep old ones. To get new customers, companies have to convince them that it's worth leaving their normal brand (for example, Verizon trying to convince Sprint customers to leave Sprint for Verizon). It's much easier and less expensive for a company to offer their current customers discounts or deals if they consider leaving for another brand (i.e. Sprint offering their customers a free month of service if they don't go to Verizon).
Why is marketing a continuous process?
Marketing is a continuous process because, customers demands are always changing. Out with the old and in with the new especially in a world that is always changing and improving. Marketing must keep up with the changes to satisfy their buyers and keep interests.
Sample of letter for customers informing price increase?
6 March - 19XX To : Our Valued Customers RE : PRICE INCREASE OF ? We wish to inform you that from DAY MONTH, 2013, the price of some of our products will be increased. This increase is unavoidable because of the recent increase in obtaining materials. We have tried to keep to the old prices but we just cannot afford to do so any longer. Enclosed is a copy of our new Price List. Thank you. YOUR COMPANY
How old do customers have to be to sign up for the Reward Zone program?
13 years old.
What is the monthly monitoring charge for SafeGuard Security?
About 17.95 a month for old customers and 24.95 a month for new customers. You can also get it cheaper by referring new customers. Installation is free.
Is it cheaper to get old customers or new customers?
Ryan from the OFFICE told Michael scott" it is ten times mor expensive ot get a new customer" and Ryan goes to business school. He Knows man
How much more does it cost to attract new customers than to keep old ones?
One or two times more.
Is it harder to obtain new customers or keep the old ones?
It's much more difficult and expensive to obtain new customers than keep old ones. To get new customers, companies have to convince them that it's worth leaving their normal brand (for example, Verizon trying to convince Sprint customers to leave Sprint for Verizon). It's much easier and less expensive for a company to offer their current customers discounts or deals if they consider leaving for another brand (i.e. Sprint offering their customers a free month of service if they don't go to Verizon).
Is it cheaper to buy a new car or changing an engine of an old car?
Usually cheaper to change an engine, but then you have an old car with a new engine.
Why banks have websites?
To attract new customers and to let old customers do some business online.
What does make new friends but keep the old mean?
get new and keep the old
Will the new iPod touch make the old ones be cheaper?
When a new iPod touch is released, yes, the price for the older ones tend to get cheaper.
Why is marketing a continuous process?
Marketing is a continuous process because, customers demands are always changing. Out with the old and in with the new especially in a world that is always changing and improving. Marketing must keep up with the changes to satisfy their buyers and keep interests.
Is it cheaper to re-upholster my old restaurant booths or should I just buy new ones?
It can be a little cheaper to reapolster depending on the cost of the apolsterer you choose.
When you hatch a pet on wizard101 do you keep your old pet to?
Yes, you keep your old pet and gain the new hybrid
When was Old Spanish Customers created?
Old Spanish Customers was created in 1932.
