Getting a new customer might feel more glamorous than retaining one, but your chance of making a new sale with an existing customer is 60-70%. That same statistic for a new prospect is just 5-20%. And yet, the never-ceasing search for the secret that will see your marketing connect to an ever increasing group of new customers is the ultimate goal for some.
What is the right way to prioritise?
Your existing customers have already bought into you to some degree, marketing to them is not only more likely to succeed, but you’re also increasing buy-in and trust: building fans. Too often, companies either assume that the new business marketing is enough for existing customers or just ignore them completely.