It’s far easier, and much more cost-effective, to keep the customers you have rather than trying to attract new ones. It’s also much more profitable. Use these six key points when you feel the need to acquire new customers:
- It’s easier and more cost-effective to plug the holes in your system than it is to constantly look for new customers.
- Remember the 80/20 Rule: 80% of your profits come from 20% of your customers!
- There are only two ways to grow your business: get more customers or sell more to the ones you already have.
- The longer they are your customers, the more likely they are to spend more with you and refer new customers.
- Remember that a 1% increase in customer retention generates a 7% increase in profits!
- It’s five times more costly to acquire new customers than to grow the ones you already have.