Repeat Customers: The Good, the Bad, and the Ugly

Repeat Customers

Ah, the loyal customer. We all want them, don’t we? They bring us guaranteed revenue and we have to do much less to keep them than we would have to do to acquire a brand new client. The question is, what is the real cost of repeat customers? Are they as easy to keep around as we hope? Is there still such a thing as a loyal customer, or do people go where the cheapest and next best thing is? Here’s everything you need to know about repeat customers – good, bad, and ugly.

Let’s start with the good.

Repeat customers are good for business. Surveys have shown that the top 1% of any company’s customers will spend an average of 5X more than 90% of all their other customers. This is huge, especially if your business completes higher cost transactions regularly. It also takes a lot less effort to maintain good customers than it does to find new ones. So, the next time you think about how much effort it will take you to conduct a client survey to see how your overall customer experience is or give a free service to a loyal customer,

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What is the Real Value of Business Networking?

Networking

Whether you are an introvert or an extrovert, networking is a skill you should learn to embrace. Six degrees of separation has become just two or three, and with the constant changing landscape of corporations due to technology and outsourcing, for example, you cannot afford to shy away from establishing new business relationships whenever possible. Some benefits of networking outside of expanding your existing social network include:

Professional Development

When you network, you are growing your list of contacts. The more contacts you have, the better off you will be in your career. If you suddenly find yourself out of a job, would you rather have 10 or 100 people to reach out to for a reference? Clearly, this proves why more is always better when it comes to growing your personal and professional networks. Also, you never know which of your contacts are connected.

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3 Differences between Institutional and Direct Marketing

Non-profit marketing

There are many types of marketing, and each one has a specific purpose. Knowing the differences between these various marketing categories and how to make them work for your organization will help you maximize your resources and reach your goals that much faster. Two common types of marketing for non-profit organizations are institutional and direct marketing, and it is important to note the differences between the two.

Improving Community Awareness

The goal of an institutional marketing campaign is typically to create brand awareness on a more broad scale. The primary focus of these types of campaigns is to build a reputation and improve the institution’s visibility within local communities and beyond. Direct marketing, on the other hand, is more focused. The goal with a direct marketing campaign is to target specific people or groups with a more tailored message with the hope of making a more personal impact.

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