How To Reduce Advertising Costs & Attract More "A" Class Customers

A couple of posts ago I put forward the suggestion that “it is more profitable to find new products for your existing customers, than it is to find new customers for your existing products". The reason for the suggestion is that the huge majority of small businesses tend to focus all of their effort into finding new customers. In the last 19 years, the cost of adding a new customer to a business has tripled. And the value that new customer brings to a business, over the lifetime of that customer, has halved.

So it should be obvious, that the Lions share of activity needs to be focused on strategies and actions to create additional and improved products and services for your existing customers.

By ensuring that your customer experience is consistently a WoW experience, and in addition, having a consistently promoted referral program, so you're very excited and appreciative customers are bringing new business in for you, you can significantly reduce ineffective marketing and advertising costs.