I don’t have the exact figures in front of me, but it has been shown that it is substantially more cost-efficient to try and retain a customer than it is to try and acquire a new one. That’s why companies like Rogers Wireless and Telus Mobility have such large retentions departments. Despite what the mass populace may believe, these companies are actually trying to keep your business.

When approaching the strategy for your own company, you should also keep this kind of philosophy in mind. Taking it one step further, have you considered the possibility of growing your client base by simply re-connecting with some of your past customers? These are firms and people who have used your services or purchased your products in the past but, for whatever reason, have stopped doing so.

Perhaps they were looking for a product that you didn’t offer at the time, but you do offer now. Maybe they were going through some tough financial times, but their situation is better now and they simply had not thought to call you back. Whatever the case, you have the opportunity recapture these customers and expand your business once more.

It doesn’t take much more than a simple email or phone call to reconnect with these companies. If they ordered from you in the past and were satisfied with what you offered, there’s no reason why they wouldn’t feel the same today.