I have to admit that it is one of my pet peeves: as soon as I have bought a product, that's too often the last I hear from the company or brand that sold it to me. Feels somewhat like a bad one nightstand, to be honest. And it's a double loss for them ... Not only will I probably not recommend them to others or buy additional stuff from them, they have also spent five times more money than they should have. Make sure you don't make the same mistake!
It’s a fact that getting the attention of a potential new customer costs five times as much as keeping an existing one. Which begs the question why 44% of companies focus more on customer acquisition and only 18% focus on customer retention?
Especially of you take into consideration that the probability of selling to an existing customer is 60 to 70%, while the probability of selling to a new prospect is only 5 to 20%.
Furthermore, existing customers are 50% more likely to try new products and spend 31% more. Last but not least, if a company increases its customer retention rates by 5%, it also increases its profits by 25 to 95%!
By the way, these and other interesting numbers in a great infographic by Invesp can be found below. And feel free to tweet this quote from them, because they are absolutely right.
Do you want to spend 5 times less?
Get in touch to see how we can help you delight your existing customers to keep them coming back for more – time and time again. What’s more: with a good content strategy we can make them such big fans of what you have to offer that they will convince others to use your products or services as well.