Welcome to Day 51 of the 90-Day Comeback Challenge. Today we discuss an important tactical marketing decision: Should you focus your marketing efforts on existing customers or new customers? Find out the pros and cons, as well as my tips & tricks, in this article.
The Appeal of Existing Customers
It’s well known that re-engaging existing customers is cheaper. You have already built a relationship, gained trust, and often created positive experiences. The effort to reactivate these customers is significantly lower than acquiring new ones.
The Challenge of New Customers
On the other hand, acquiring new customers opens up entirely new opportunities. It may be more expensive and time-consuming, but it also presents new markets and growth prospects. A good example from the crypto space is Ledger: Initially known for hardware wallets, the company expanded its offerings to include online backup solutions. This shift initially unsettled existing customers but strengthened the company in the long run.
The Balancing Act
The art lies in finding the right balance. It’s crucial for you as an entrepreneur to recognize what drives your business forward. Do you focus on existing customers and risk missing out on new developments? Or do you target new customers and risk alienating your loyal customer base?
Clear communication and a well-thought-out marketing strategy are essential. You need to manage the expectations of your existing customers while also reaching out to new audiences. There is no “right” or “wrong” – in the end, it’s the strategic decision that best supports your business.
Outlook: Short- and Long-Term Strategies
In a week, I will delve deeper into what I believe are the best short-term marketing strategies. Two weeks later, I will discuss long-term marketing strategies. Both approaches have their own challenges and opportunities, and it’s important to weigh them carefully.
Conclusion
I hope this blog post has helped you gain a better understanding of the complex decision between new and existing customers. It’s a constant balancing act that requires careful consideration. See you tomorrow!
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Your Julian
Entrepreneur / Investor / Athlete / Father
