A lot of business spend a LOT of time on creating ways to attract new customers.
And not nearly enough time nurturing their current client relationships. Not paying attention to customer retention means missing out on a possible increase in profit of 25% to 95%!
The probability of selling to an existing customer is 60%-70%, while the probability of selling to a new prospect is 5%-20%.
You do need, of course, to keep feeding the funnel with new prospects … but make sure you are providing extraordinary customer experiences for those who have already purchased from you! Loyalty rewards you well!
The infographic below, developed by Invesp, provides more information about the value of creating great customer experiences for your existing client base vs acquiring new customers.
Customer Acquisition Vs. Customer Retention Costs
Statistics And Trends
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