Yes, but not nearly as much as it pays to keep current customers. Industry statistics suggest that:

• getting new customers can cost 5 to 10 times more than keeping a current customer
• repeat customers, on average, spend up to 67% more than new customers
• 80% of total revenue comes from 20% of your customers

I know that often marketing seems easiest from a new customer standpoint, as we fall back on optimizing for SEO and setting up our google adwords campaigns.  But if the statistics above are true, we can make better use of our time and money by focusing on the clients and customers that we already have.  That’s not to say that good SEO and advertising for new clients doesn’t have it’s place, just that it should take up the proportion of your time and money that it’s benefit deserves.

If you start to analyze your current customer base, you will be able to determine any trends and identify whether the 80/20 rule holds true for you.  If your return customers are the bulk of your business, it makes sense to spend more time and money to create programs and incentives just for them.  Your business can be tailored to maximize these repeat customers.

Keeping in touch with current customers might involve:

• newsletter marketing campaigns
• social media outlets (think Facebook and Twitter)
• holiday and birthday emails or cards to say thanks, with or without a special discount
• loyalty rewards programs
• affiliate programs
• surveys of current customers to rate their satisfaction or determine future needs

Your current customers will appreciate the special attention they receive for being your customer.  And, because they already know that you have great products and great customer service, they are more likely to head back to you rather than seek out someone new.