Attracting New Customers vs. Nurturing Loyalty
Once your restaurant is up and running – after the first marketing push, through the launch, and on into steady business – the focus of your advertising should constantly be changing. Whereas once every customer was a new customer, now you are welcoming regulars: repeat customers for whom your restaurant is a home away from home. The question is, at this enviable point, do you continue to invest in trying to attract new customers, or do you focus on maintaining your loyal diners. Or both.
New Customers First
According to LoyalMarketing.com, in an article entitled, “Customer Acquisition vs Customer Retention,” it costs six to seven times more to acquire a new customer than it does to retain an existing one, yet customer acquisition is still the primary focus of most businesses in general, and restaurants in particular. Loyal customers, and their repeat business, are the cornerstone+ of long-term success because it is so expensive to find new customers. Nonetheless, if expansion and growth are a goal – and of course they are – new business must be a top priority. To continue to grow your business you’re going to need more people frequenting your restaurant – and lots of them. Although you want to maintain a relationship with your existing customers, it will always be important to bring in fresh business in the form of new customers.