Another mistake many small business owners make is thinking that they need a constant stream of fresh leads coming in for their business to grow. While it may seem logical that the more people that seem interested in your business there are, ensuring that your existing customers are taken care of is equally, if not more, important.

So many companies are quick to respond to customer complaints because losing a customer costs them more than trying to acquire customers. In other words, the focus here is on the customer’s lifetime value since a happy customer will come back repeatedly, spending more time and money at your business.

In contrast to a loyal customer, a new customer’s lifetime value is low, and by spending time and money marketing to new customers, you reduce their lifetime value. This means you should not only focus your efforts on acquiring new customers but also ensure that existing ones are happy.