What do Target and Walmart Have in Common? They Keep their Existing Customers Happy.

One of our most popular videos on The 60 Second Marketer is one that was written by author and brand guru Nick Wreden.

The video, called "How to Recover Lost Customers" highlights the fact that it costs 3 to 5 times as much to get a new customer as it does to keep an old one.

This insight, which is one that Target and Walmart understand very well, is one that marketers often lose sight of. That is, that it's much more cost-effective to focus energy on keeping your existing customers happy than it is to go out and get new ones.

Which is not to say that customer acquisition isn't important -- in fact, nothing could be further from the truth. But it is to say that keeping your existing customers happy is one of the best ways to get repeat purchases and referral business, both of which are enough to keep any company growing for a long time.

In the NFL at the beginning of every week, every team begins practice by focusing on football basics -- blocking and tackling skills. In similar fashion, marketers should begin their week by focusing on marketing basics -- keeping their existing customers happy so they come back and refer new prospects.

Check out the video. There's a lot of good content in it and it's well-worth watching.