costs up to 5 times as much to acquire a new customer
This fact is well known today, and gets bandied around quite a bit. But how many business owners and managers actually stop and think what it means to them?
Up to 5 times the cost! Think what this means when allocating your scarce marketing dollar; when dealing with customers in person or over the phone; when handing returns and complaints; or when training your sales staff.
Acquiring new customers is critical to any business, but there may be an un-tapped gold mine in your existing customer base - and every customer interaction should be carefully crafted to recognise the huge value and opportunity this represents.