It is generally accepted that it costs around five times more to attract a new customer than to keep an existing one. It turns out that repeat customers tend to spend more: up to two-thirds more than new customers. The most loyal 10% of your customers spend three times more than the other 90%. Repeat customers are also far easier to sell to. Research suggests that there is a 65% chance of selling to an existing customer, compared with just 13% to a new prospect.
Thought leadership for retention marketing
Thought leadership for retention marketing
Thought leadership for retention marketing
It is generally accepted that it costs around five times more to attract a new customer than to keep an existing one. It turns out that repeat customers tend to spend more: up to two-thirds more than new customers. The most loyal 10% of your customers spend three times more than the other 90%. Repeat customers are also far easier to sell to. Research suggests that there is a 65% chance of selling to an existing customer, compared with just 13% to a new prospect.