The toughest balancing act for a business would be keeping your old customers happy, while doing something to attract a brand new base of customers. Those who are loyal to a brand for years are great, but there is only a certain extent where you can go with the same old customer base. At the same time, if you spend your time chasing new customers, you will find that the old customers might stray away, when they feel unappreciated. Gaining new customers while retaining old customers is something that many companies struggle with to this day.
Gaining New Customers While NotAlienating Old Customers
The harshest truth in the world of business is that it is not easy to maintain a steady level of growth with brand new customers, while also retaining the customers that brought you to the dance. If a business focuses on solely new customers, then all they are doing is replacing their former customers with new customers. Old customers leave due to feeling like they are already used up and the company does not want their business.
Word of mouth can spread both ways, for the good and the bad. If a company does not seem to value their loyal customers, it may be hard for them to get new customers. On the other hand, there are a number of ways in the world of business, that may mandate you to make changes. Changes are something that can be met with resistance no matter what the result are and thus must be done carefully. Planning is required when going with change.
The most successful businesses have both customers who have been loyal to their brand name for years and new customers who are drawn inby the fact that their products or services is the trendy new item. Some of those new customers will translate to long term customers, but with some, you live by the trend, you die by the trend. They manage the balance between hanging onto old loyalists while also expanding their market to new fresh buyers.
How do these companies do this? The methods shall vary but the most logical answer seems to be that they promote products and services that appeal to both groups. They run promotions that would attract new customers, giving them deals for buying the latest products and services, while also promoting loyalty for the customers. Should a company go too far in one direction or another, then they are going lose out. A product with new features and improvements will attract both the older users who have likely had potentially given feedback of said improvements, along with new users who wish to know what all of the buzz is all about.
It is two worlds, two worlds that can be balanced. A business does need to appeal to both fresh customers and long term company loyalists to succeed and to grow. Many businesses tend to fall short. While they do not fail, they do not grow to the point where they can be considered the top of what they are promoting in.
Business is about balancing acts, finding the happiest medium, and drawing interest to the broadest base of people.
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