Reasons Never To Neglect Existing Customers While Pursuing New

business (10)There is a danger that lurks in the relentless pursuit of new customers. With performance measurement so often geared toward new customer acquisition, many, from the CEO to the individual relationship manager, might be tempted to shift focus from an existing book of business. This can even take place subconsciously. Rest assured, however, customers will ascertain the level of service that is being delivered. To keep from drifting away from stellar service and neglecting customers, here are some points to consider;

1) Remember the cost of acquisition. Of course, every customer you have comes with a cost, and many businesses have this defined down to the cent. It is helpful to think of the process of acquisition as well. How many introductions, meetings, lunches and proposals did it take to earn the customers’ business? What effort was put forth in the onboarding process? Contemplate this the next time you are tempted to skip that quarterly review or to decide that a thank you note really isn’t necessary.

2) In many industries, the best source of new business is your business. Think of your best customers. Would you like to have more of them? Would they recommend you and/or your company? Many would agree that the answer to that question will go a long way toward determining your ultimate level of success. Still, some struggle with asking for referrals. This could stem from a lack of confidence. Really, would you hesitate to ask for a referral when you are truly proud of the way you have taken care of a customer?

3) Finally, constantly remind yourself that your top 10 customer list is someone else’s top 10 prospect list. Don’t fool yourself into thinking that whatever good or service you are providing is simply not to be obtained elsewhere. This is rarely the case. Neglecting customers leaves the door open to your competitors, and you may not even realize it.

Your overall business will not grow unless you can obtain and retain customers. Keeping these principles in mind can help you do both.