In America, we have a fascination with the new.  Ask anyone who works for a city trash collection department.  Tree lawns, especially in wealthier suburbs, are covered with usable furniture and working appliances in need of a new knob or some other small repair.  In some cases, it's becomes cheaper to buy new small electrics than repair them.

There's one area where it is definitely not cheaper to go for the new rather than salvage the old.

In a document entitled "Keep Those Customers Coming Back!," the Better Business Bureau stated businesses will spend roughly five times more to obtain a new customer than they would to keep an existing one. And yet when many small business owners think of customer communication, they are thinking of reaching new customers and potential clients. They are wondering how to increase traffic to their website, or how to make the phone ring with new business.

Here is a statistic to think about: according to Businesstown.com, if you currently retain 70% of your customers and begin a program to improve that to 80%, you will add an additional 10% to your growth rate. By taking care of the clients you already have, you increase the chances of repeat business, add-on sales and referrals.

As a real estate agent and small business owner, chances are you do not have a huge promotion budget. That's why  newsletters, brochures, thank-you notes and satisfaction questionnaires remain a great way to keep in touch with past clients ( a potential source of referrals), and past contacts who aren't quit ready to buy.  

For additional information and guidance on this topic we have posted an article on our website entitled "Tips for Staying in Touch without Spending a Fortune" for you to review.

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