Why Marketing to Your Existing Customers is Priority Number 1
1.6 Trillion a Year is Lost by Businesses When Customers Switch
For any business that’s progressed beyond its initial start-up phase, your customers are one of your most critical assets. In most cases, these relationships have been earned over years and resulted from previous advertising and marketing efforts conducted to build the business to its current level.
Business owners and marketers have come to realize that retaining these customers and building loyalty in a competitive market is a top priority and essential to a successful business.
9 Reasons Why Customer Retention Should Be a Priority
Chances of selling to a new customer is 5-20% compared to
60-70%
with existing customers.
$1.6 Trillion
a year is lost by businesses when their customers switch.
Bringing in new customers can cost as much as
16X More
than retaining your current clients.
80% of your future profits will come from
Just 20%
of existing customers.
A typical business
Will Lose 15%
of its customers each year.
11-20%
of first time customers
Don’t Return.
A 2% Increase
in customer retention can lower costs by as much as 10 percent.
Repeat customers spend
33% More
than new customers.
A 5% increase in customer retention can lead to
25-95%
increase in profits.
Customer List Mailing Applications
Retention is a measure of whether an existing customer continues to do business with you.
Loyalty measures a customer’s predisposition to prefer a business, and indicate a certain resistance to competitors.
