Your current customer - your best business growth asset

It doesn't matter whether it's a recession, depression or just business as usual - your current customers are the best source of business growth. Unfortunately, too many businesses neglect their current customers to go searching after new ones.

Research has shown it takes about five times the money to get a new customer as it does to retain a current one. But just retaining a current customer really isn't enough. Why not get them to do more business with you? Why not get them to bring their friends and family to your business as well? Or in the case of business-to-business enterprise, why not get their co-workers into your customer base?

In some businesses, management believes it is solely the job of the sales force to stay in touch with current customers and try to grow the business. I would suggest however the sales force could be more efficient if the marketing team is on side with the importance of incenting current customers to grow their business.

Have you contacted your customer base to let them know you're still there to support their needs? Have you sent a postcard, letter, email? Have you told them they're appreciated? Have you demonstrated your appreciation through a special offer only to your current customers?

If you haven't, you're missing an efficient, economical business growth opportunity. If you have a retail location, invite your current customers to a small wine-and-cheese party to show off your new merchandise and have some great loss leaders to show your appreciation. If you are in the service industry, perhaps a partnership that compliments your service could be a good appreciation gift (and then you can do the same for that business).

Everyone likes to be thanked. Especially when there's gifts involved. A promotional item with your logo prominently displayed would be an excellent gift. That way your business identity stays in front of them for a longer period of time. But make sure the gift matches your branding. Don't give away a cheap pen if your business represents expensive items.

Bottom-line is: you need to stay in touch with your current customers and give them a reason to do more business with you. And if you can get them to talk about you to their friends and family, even better. Don't wait for someone else to do this for you. Get on it, right now.