This got me thinking – What’s REALLY going on here? Are people buying products or are they buying memories? The answer, of course, is both, but my retrospective on this matter took a slight turn, and my thoughts began to focus on a related thought… in my brain at least.
Current advertising practices tend to focus on attracting NEW customers. Banks, cable providers, pizza places, beauty salons – All regularly provide excellent discounts and specials to entice new customers. I get it – Businesses need new customers to grow and survive. However, many of these deals alienate the current customer base... Why do they get that such a great deal when I’ve been a loyal customer?
Further, studies and data tell us it's easier and cheaper to keep a customer than to acquire new ones, and that current customers spend more than new. Further, if you follow the 80/20 rule, you know most of your business comes from a small portion of your overall customer base.
This got me thinking…. Current customers are a lot like vintage clothing, or shoes, or cars. While they may be “outdated” and not on trend, they tend to offer an increased value to a business. Perhaps equal time, effort and money, arguably more, should be spent on wooing current customers as much as new.
None of us will admit we had a fanny pack in the 80’s/90’s, but are you aware they are making a comeback? Top name designers are including them in their latest fashion lines. However, the highly sought after packs are the original, vintage packs from the 80’s & 90’s. If you need some, let me know – My son has several in his collection. But hurry, he’s already sold a few.
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Random thoughts, comments & opinions.