Why Entertaining "Cheap" Customers?

Identify your cheap customer in the business was the topic of today's mentoring lesson.

A client that is price-sensitive who looks for the best deal on a goods or service is referred to as a "cheap customer".

They could be less devoted to a specific brand or company and more vulnerable to hunt for offers, discounts, or promotions. Because they can be more difficult to keep, cheap customers may present a challenge to some businesses, but others may see them as an opportunity to draw in new clients and boost sales.

It's crucial for businesses to find a balance between the need to draw in and keep customers and the requirement to continue being profitable and sustainable.

Is it beneficial to attract cheap customers?

Absolutely. Regardless of their purchasing power or price sensitivity, every consumer is valuable.

No of how much a customer spends, businesses should try to give them outstanding customer service. It's crucial to keep in mind that even clients who are price sensitive can grow to be devoted and valuable customers if they feel they are getting outstanding value and top-notch service.

Additionally, the recommendations of these customers to others may help in bringing in new clients for the company. Ultimately, rather than just striving to maximise profits, firms should concentrate on developing relationships with customers that are built on a sense of mutual respect, trust, and value.