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Older customers are better than newer customers

Everyone knows you make more money selling more to existing customers than you do from new customers. 

But most promotions are focused on special deals for new customers.

That’s expensive — and it often pisses off loyal customers who feel screwed.

When’s the last time you improved things for existing customers?

Here’s a fantastic example from Tesla (emphasis added):


The Tesla Model S drive unit warranty has been increased to match that of the battery pack. …

Moreover, the warranty extension will apply retroactively to all Model S vehicles ever produced. In hindsight, this should have been our policy from the beginning of the Model S program.

To investors in Tesla, I must acknowledge that this will have a moderately negative effect on Tesla earnings in the short term …However, by doing the right thing for Tesla vehicle owners at this early stage of our company, I am confident that it will work out well in the long term.

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  1. James Young October 15, 2014 at 11:10 am #

    “If we don’t take care of our customers, someone else will.” -Unknown

  2. Katie Graf October 15, 2014 at 2:11 pm #

    This is a good policy for nonprofits to consider with donors, too. People who have been giving for a long time feel screwed over if you give gifts and recognition to new donors only. And long time donors are much, much more likely to stick with you than a new donor (especially if that new donor is only signing up for the schwag you are giving out).

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