The obvious yet surprisingly often overlooked reason repeat business is so important is that having a happy customer return means not having to spend money attracting a new one. Customers that come back are already coming back at a premium because there are no acquisition costs associated with that business. Costs we would have ordinarily had to expend to attract those customers are foregone and can go right into the gross margin of the sale.
And it can even get better! Customers that happily return will likely spend MORE with us over time. As such, that additional revenue comes to us as a premium.
And if that wasn’t enough, when those satisfied customers refer others to us, there are zero acquisition costs associated with getting the new customers! It’s like having an unpaid marketing team working for us around the clock!
And all we really have to do to make that happen is to treat the customer right when they do business with us. The best way to get MORE business is to do GOOD business. It may not be easy, but it really is that simple.
Profit in business comes from repeat customers, customers who boast about your project or service, and that bring friends with them.” – W. Edwards Deming