Never Need Another Lead
Lesson 7 - Just don’t lose the customers
Customer retention is an important thing to keep in mind. All businesses need to make sure they retain their current customers. If your customer base is eroding, your business is in serious trouble.
As Gartner notes, “65% of a company’s business comes from existing customers, and it costs five times as much to attract a new customer than to keep an existing one satisfied.”
A nice side benefit of your new focus on existing customers is that they’ll give you information on improving the products and services you already have. With new competitors entering the marketplace all the time, you have to stay close to your customers to make sure that what you’re selling is keeping pace with changes in your customers’ businesses and in society at large.
You can also sell more to existing customers because they buy more. Imagine if you refocused your marketing and product development efforts to appeal more to existing customers?
The benefits are obvious:
Not bad, is it?