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winning lost customer
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According to Harvard Business Review “acquiring a new customer is anywhere from five, to 25 times more expensive than retaining an existing one.”  Which is a great incentive to work on your customer retention strategies. But what about when you’ve already lost them?

Never fear, that list of lapsed customers offers a great opportunity

When you’re trying to grow your business, bringing in new customers or clients left right and centre seems like an attractive option.

Think of customers like cars. Buying a new car might seem attractive, but there is another option.

You’ve been driving the same car for a while now, and it’s not been letting you down. Over time, without appropriate care, its reliability might start to slip, and eventually it will break down

boardroom and graph

A gazillion (probably not quite – but it must be close) studies have shown that it is much more cost-effective to generate more revenue by increasing sales to existing customers than it is to go out and find new ones.

Obviously, we’re not giving your sales team permission to rest on their laurels and quit finding new customers, but it’s important to not neglect the loyal band of followers you already have. Keep them sweet, and more importantly consistently paying, with effective strategies for increasing sales to existing customers