The Truth About Expanding Your Business
There are many marketing myths that have evolved over time. Marketing myth number one is, “The only way to grow your business is to expand your customer base.”
The truth is you need to have two marketing plans to grow your business -- one to extend your reach and influence to grow your customer base and one to retain and enhance the loyalty of those customers in your current customer base.
There are various surveys that claim it can cost anywhere from six to twenty times as much to find and attract a new customer as it costs to keep an existing customer happy and coming back for more.