We may make $120 this year from selling one crêpe. How? Time and repeat business.
Say a crêpe sells for 6 dollars, and we have 20 sale days at a particular weekly farmers market. In the best case, the customer likes the crêpe and returns each week, and we have an annual revenue of $120. In the worst case they do not return, we have lost a potential $114 in sales. Actually that is NOT the worst case. In the worst case they tell their friends and their partners not to buy a crêpe and we have a big loss.
Unless you’re selling “Rolex” watches on the sidewalk in New York you will have repeat customers. Do everything you can to make the best product, present it, and treat the customer well. Give that some thought when you are thinking of coupons or promotions to get new customers. A new customer always costs more than an existing customer. New customers are good, but make sure your current customers don’t feel they are getting ignored. Current customers keep you in business, new customers help you expand and improve your bottom line. Love ’em both.