"How can money be the root of all evil, when shopping is the cure for all sadness..." Elizabeth Taylor
Retailers live or die based on one thing and one thing only - customer loyalty. While location, location, location is the mantra, and great margins help a lot, it is the repeat customer and word of mouth generated by loyal customers that drives true retail success.
It seems as though we are constantly faced with the issue of trying to find new customers. Most of us are obsessed with making sure our advertising, displays, and pricing all “scream out” to attract new customers. This focus on pursuing new customers is necessary, but, at the same time, it can wind up hurting us. Perhaps our focus really should be on the 20% of our clients who currently are our best customers.
This idea of focusing on the best current customers should be seen as an on-going opportunity.