As a business, you’ve got to maintain a steady pipeline of new customers for the following reasons:
1. In a competitive market, every new customer is market share stolen from your competitor.
2. A steady stream of new customers creates cash flow.
3. New customers provide a buffer from lost sales, when old customers leave.
4. A satisfied new customer leads to recurrent sales, which reduces your cost of marketing.
5. Most importantly, a constant stream of new customers guarantees your generational relevance and pushes you to innovate, as your business matures.
Never respond to new sales inquiries in a distracted and lackadaisical manner. They should command your best attention, as you seek to turn those prospects into paying customers.
Written by Subomi Plumptre