What is it up to now? Ten times more expensive to generate a new customer than to keep an existing one? 50 times? 100 times?
Regardless of the number, we are all well aware that the most important asset to any business is its existing customer base. Of course, just retaining those customers is only a portion of the value they can provide to the bottom line.
Existing customers have already made a purchase. This makes them very likely to buy new offerings or existing offerings that they were not aware of. This is also known as cross selling.Continue Reading