Customer retention is undervalued. I’m not the first person to say this, and I certainly won’t be the last, but sadly many businesses aren’t taking heed.
According to the book ‘Marketing Metrics’:
“the probability of selling to an existing customer is 60 – 70%. The probability of selling to a new prospect is 5-20%”
which would go some way to explaining why it costs 6 times more to attract a new customer, than it does to retain an existing one (Bains & Co).