Customer relationships are important for the brand due to several reasons. One such reason is the ROI as it’s less expensive to keep getting business from existing customers than acquiring newer ones. Another is that marketers do not need to overtly promote new products to loyal customers, they buy them anyway as they have experienced the service before. They will even agree to pay a higher price as they have experienced the quality in the past and so do not need carrots to get convinced. Older customers are also aware of way things work so they need limited hand holding. The biggest advantage of them if they are nurtured properly gets reflected in conventional and digital marketing. They can turn brand advocates and bring referral business.

Source: http://www.josic.com/why-are-customers-important-5-sources-of-value-from-customer-relationships

Uploaded Date: 20th May 2017