It’s time for some Friday facts. According to research by Invesp:
- It costs five times more to acquire a new customer than to keep an existing one
- The probability of selling to an existing customer is 60 percent to 70 percent, while the probability of selling to a new prospect is just 5 percent to 20 percent.
- Compared to new customers, existing customers are 50 percent more likely to try new products and 31 percent more likely to spend more money
- When they increase customer retention rates by 5 percent, companies can increase profits by 25 percent to 95 percent.
Are you guilty of focusing on new instead of existing clients? Let us know below!
