Most of the small and medium enterprises tend to make the mistake of focusing only on new customers. They tend to forget the two other types of customers they have in their vicinity – current customers and lost customers.
There is a well proven fact that cost of customer acquisition is much higher when compared to cost of maintaining and renewing customer relationships. Hence it is equally important that SME’s focus on current customers and Lost customers too. Lost customers are those who were your customers earlier and for some reason are no longer doing business with you. You may have to run aggressive campaigns targeted at attracting these lost customers back to doing business with you. Marketers, focus on all the three customer types to have a sustained business.