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DEC 8
2015
As we approach the end of 2015 and look towards 2016, we are all seeking ways to build upon our successes and learn from our failures. What we truly desire is an advantage—an unfair advantage—that distinguishes us from the competition and gives us an edge.
Customers hold the key to achieving this advantage. It is crucial to both retain existing customers and maximize their potential.
While this may seem obvious, what is not so apparent is that not all customers are equal.
Studies have shown that acquiring a new customer requires a cost that is at least five times higher than retaining an existing customer. Additionally, returning customers tend to spend around 67% more than new customers on average.
These findings highlight the importance of current customers as the most dependable source of recurring revenue that contributes to the bottom line. However, many companies overlook their existing customers in their pursuit of acquiring new business.
While it is crucial to focus on attracting new clients, it's essential to recognize that client retention forms the foundation of a sustainable brand. A successful business understands that retaining and nurturing existing customers is just as vital as acquiring new ones.
Read the complete article below!
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