You’ve worked hard to gain customers. Now what? Do you work even harder to keep the customers you have or aggressively seek new ones?

Before answering that question, you probably should ask yourself two more. Are there other ways to strengthen relationships with your customers? Are there overlooked growth opportunities?

Assuming the answers to both questions are positive, you probably want to develop a plan to grow these relationships before looking for new relationships. Keep in mind the tried-and-true 80-20 rule.

It takes far more effort, time, money and others resources to hire and train new employees or seek out and develop new customers than it does to retain and improve upon the ones you have. Nonetheless, companies spend a lot of time and money on incentive programs designed to reward untested new employees and customers rather than retain existing employees and clients. 

Consider the following scenario. You own a hair salon. You’re looking at ways to boost sales. You consider two options: offer a 50 percent discount to new customers or offer existing customers a free haircut after their next two services at your salon.

If you’re trying to strengthen customer relationships, the second option is the way to go. This focus can lead to referrals and make it easier to ask for referrals. If you prefer to remain transactional and focus on volume, the first option is the one for you.

What are some ways to boost your relationships with existing customers? Here are a few ideas:

Develop and invest in an incentive program that rewards existing customers and employees for qualified referrals. If you provide quality services or products and a positive work environment, a little encouragement can generate rapid results in terms of qualified referrals and happy customers and employees.

Create an information gathering system that captures useful tidbits you can pass on to your clients and customers. Some tidbits might include an upcoming event that tracks with your customer’s markets and goals, a networking opportunity, a speaking opportunity or other marketing or branding opportunity to help them grow their business or find quality employees.

Look for ways to bond with your customers. Bonding with someone who buys your products or services often leads to more business, connections, referrals and an expanded network. Examples of bonding events include assembling a team of your employees and a customer’s employees to help build a house with Habitat for Humanity, sponsor a food drive or host a community event. Support your customer’s special events by participating in and marketing the events.

Seek out feedback from customers and employees. One way to gain useful, targeted feedback is through short satisfaction surveys.

Demonstrate you value your customers’ time. Make sure you have all the needed information and your facts straight before approaching customers with new ideas, sales pitches or other opportunities.

Remember referrals are a two-way street. Try to give twice as many as you get, making sure every referral you give is fully qualified and interested in your customer’s products or services.

Always take time to say thank you for business, support, referrals and time.