- 21 Apr
A Bird in the Hand can be Your Golden Goose
It’s only natural. When it comes to sales and hitting your sales goals you focus on the people who have already demonstrated that they’re willing to give you money. But, it turns out they’re the most likely ones to give you even more.
Consider these facts from both a Forrester Research study and a Harvard Business Review research project:
- Acquiring a new customer can cost five times more than satisfying and retaining current customers
- A 2 percent increase in customer retention has the same effect as cutting costs by 10 percent
- A 5 percent reduction in client defection can increase profits by 25-125 percent (industry specific but seriously – 25% is the low end!)
- On average, loyal customers are worth up to 10 times as much as their initial purchase
- The cost of bringing a new customer to the same level of profitability as a lost one is up to 16 times more
With that, why not put more of your focus on your existing customers? Why not make those customers and clients feel valued? To find out, read the full article at the McLellan Marketing Group Blog.