The Motley Fool takes a look at online retailer RedEnvelope and makes an important point about repeat customers:
If too many previous customers don’t become repeat buyers — for reasons ranging from unchanging inventory to too-high price points — the company will likely never reach significant levels of profitability.
Keeping your current customers is cheaper than finding and converting new ones. Are you paying enough attention to your current clients? If not, your business may be in financial trouble.
What have you done for me lately?
All businesses require constant innovation and new products to succeed. If you remain stagnate, the world will pass you by. Take a fresh look at what your customers are trying to accomplish. Do they have needs that you aren’t filling? Develop a product or service that plugs that hole and you’ll be even more successful.
How much are you charging?
There are customers that will always turn up their noses at your prices. Nevertheless, if 75% or more of your potential clients are scoffing at your prices, they are too high.