Marketing is a process that requires consistent efforts if you want to get desired results. However, many marketers still believe that marketing is executed only to acquire new customers.
It might have been true decades ago, but today, marketing has become much more than that. So, in this article, I’ve interviewed some marketing and sales experts, and they’ve shared their views on the myth – Marketing is to only acquire new customers.
1. Morshed Alam
Founder & Editor, Savvy Programmer
“Marketing is not only about acquiring new customers – but it’s also about retaining current customers and building customer loyalty. In fact, it’s much cheaper and easier to retain current customers than it is to acquire new ones.
There are a number of ways to retain current customers and build customer loyalty, including offering incentives, providing good customer service, and developing.
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2. Omer Reiner
Real Estate Consultant, FL Cash Home Buyers
Marketing serves a much bigger role than just acquiring customers. Marketing is a broad umbrella that incorporates a large range of activities. The result of all of these activities is what creates your brand. In other words, your marketing activities shape how consumers view your brand. Your brand is arguably the most important aspect of your business.
3. Dustin Porreca
SEO Manager, Elevate Demand
Marketing is just not about selling products or acquiring new customers. Marketing is positioned at the intersection of the business and the customer – it is the great arbitrator between the self-interests of the business and the needs of the buyer.
4. Elice Max
Marketing Director, EMUCoupon
One of the critical roles of marketing is to retain customers. Companies invest heavily in the loyalty program and offer discounts to returning buyers for this very reason. It’s often said that 20% of repeat customers are responsible for 80% of revenue.
While these figures may not be completely accurate, there’s great value in retaining those who have already acquired your services. Regular customers also have a big role to play in word-of-mouth marketing, which is something that every business strives to acquire.
5. Sharon Donkelaar
Head of Growth, Expandi
I couldn’t disagree more with this statement. Yes, it’s true that the majority of businesses, especially small ones, spend more money and aim most of their marketing efforts at finding new customers, but that doesn’t mean it’s the only thing it’s good for.
Marketing is useful in so many other aspects than just expanding the company’s customer base, customer retention being one of them, just to mention one.
Using content marketing, social media marketing, and even email marketing are great ways to stay in touch and retain existing customers, which further supports my assessment that marketing is not only for acquiring new customers.
6. Rick Elmore
CEO & Founder, Simply Noted
Marketing isn’t the only way to acquire new customers, building relationships with current customers will increase your reach and bring new opportunities. You’ll build strong bonds between your business and your customers. When your current customers know and trust you, they will recommend your business to their friends and family.
You can send a handwritten note to introduce yourself to first-time customers and send another one that expresses your appreciation by sending a “thank you” note to them after their transaction. This will build relationships and capture attention better than digital forms of communication or marketing.
7. Andreyana Kulina
Marketing Specialist, Brosix
As a person who’s been in marketing for a few years now, I believe that marketing is much more than just an activity that eventually acquires new customers. To my mind, marketing is what fills the gap between the customers and the product.
It not only acquires new customers but also strengthens and supports the relationship between the already existing ones and the company by undertaking numerous activities and efforts. In fact, there are numerous studies indicating marketers should focus more on their existing customers.
8. Emma Jane Stogdon
Content Manager, Murray Dare Marketing Consultancy
Forget new customers for a second. ‘Customers’ who don’t convert or who aren’t interested in what you’re selling – their opinion of your brand is worth more than 100 new customers.
The content that makes up your brand and its voice need to be cultivated so that non-adopters and non-buyers view your company or your product as one that aligns to their viewpoint. Even though I’m not a dog owner, I can hold an opinion on which dog food I’d buy for my non-existent pup.
In today’s world, selling business to business or business to customers isn’t enough, you need to sell humans to humans. This is why influencer marketing currently holds the weight it does. After all, word of mouth is still the best way to secure new customers. And maybe one day, I might eventually own a dog.
9. Matthew Carter
Attorney, Inc and Go
Apart from just getting new customers, marketing teams can help you conduct research for your products and services. They can tell you not only about the people that might purchase things from you, but the ones who currently are.
If you know the kinds of things that appeal to your existing customer base, you can design new products and services that they will purchase. This helps your bottom line by generating loyalty amongst existing customers rather than creating new ones.
10. Alex Bryce
Getting consumers is only half of the battle; keeping them is the other half. If your primary concentration is attracting clients, they will go as quickly as they arrive. It’s critical to provide your clients with some level of lifetime value so that you can demonstrate that you’re still helpful to them after the initial engagement.
Encourage people to interact with your brand and spend more money. They’ll go somewhere else if you don’t. So marketing is not all about attracting customers but also about retaining them.
11. Annie Everill
Digital Marketing Executive, Imaginaire
Marketing is used for a range of reasons in every industry. Used to educate, entertain, promote and connect, marketing is more than just finding new consumers. Loyalty amongst customers is one of the main goals in business, using marketing to both create and maintain relationships. Existing customers are just as vital as new ones, offering a business a fanbase as well as reliable buyers who come back again and again.
12. Zachary Colman
Marketing is the perfect way to get new customers, but keeping your customers and getting them interested in the long run are some of the reasons why marketing should not stop after getting a client.
Marketing should not only be about inviting potential customers to know your business. It is also about continually informing and updating them about what you can offer as your business grows. Making your customers patronize your products for a long time is a continuous challenge. That’s why marketing should also be an ongoing business strategy not limited to potential customers.
13. George Pitchkhadze
CMO, Keyzar Jewelry
Marketing isn’t just for acquiring new customers. It’s for increasing brand visibility, then acquiring new customers, then retaining those customers for the long haul. Those are the 3 main things… And of those, retention is a lot more profitable than acquisition. I would also say that brand visibility is very important.
Example: Louis Vuitton doesn’t really market for acquisition… Just maximum visibility and brand value. The latter drives both acquisition and retention for them.
14. Rachel McMichael
Founder & CEO, McMichael Consulting LLC
Marketing isn’t only about getting new customers but solidifying a relationship with existing ones as well. Marketing is repeatedly demonstrating that you know your stuff, you’re an expert in this particular field, and can provide new insight into any issue they may face. This helps earn your spot on the tip of their tongue whenever they need a reliable source for a product or service.
For any bystanders, whether they are potential customers or other word-of-mouthers, it can generate and refine a reputation. If people who have no reason to procure your services are aware of it anyway, that still shows a positive impact of your marketing efforts without harming it in any way as it’s better than people only hearing of you when you have something to sell them
15. Tigh Loughhead
Effective marketing generates value, not customers. Beyond customer acquisition, smarter marketers also quantify cross-selling and upselling opportunities, lifetime value, customer service and loyalty, and any other metric that contributes to return on a product, service, or brand.
There’s a reason that most marketers think about marketing in terms of a funnel. But the funnel isn’t a linear path; it’s an ecosystem of marketing inputs adding value to the overall customer experience.
16. Brian Snedvig
CEO and Founder, Jofibo
I always love it when my marketing efforts bring in a new customer, but you need to look far beyond that one metric. In such a competitive marketplace, you need to factor in brand awareness as well. I want my marketing to also brand my business as a leader in its field and make it the first-place people think of when they need to hire someone.
Well, from the above responses, it’s clear that marketing has a much bigger role when you’re trying to grow your business. You need to connect with your prospects before you try to make a sale.
Therefore, if you want to improve brand awareness, you need to first provide value and then pitch your product or service.