Cost of Acquiring New Customers vs. Retaining
Did you know that it’s 6-7 times more expensive to acquire a new customer than it is to keep a current customer?
The probability of a sale from a brand new customer is only 5-20% whereas the probability of a sale from an existing customer is between 60-70%. In fact, 80% of your future profits will most likely come from 20% of your existing customers. For this reason and more, creating customer loyalty is vital to your business and the reason we work so hard to push our customer loyalty programs.
Considering those stats, let’s take a deeper look at the cost of acquiring new customers vs. retaining the customers you already have: