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Customer acquisition or retention – which is better?

It is well known that repeat customers and referral business are the two best (and cheapest to acquire) types of business.

BUT

48% of sales people never follow up with a prospect.

25% of sales people make a second contact and stop.

12% of sales people make three contacts and stop.

Only 10% of sales people make it more than three contacts with a prospect.

AND remember this:

It costs as much to acquire one new customer as it does to keep FIVE exisiting customers.

There’s a 70 per cent chance of selling new stuff to an existing customer (or referral) but less than a 20 per cent chance (on a good day!) of selling to a new customer.

And, for the record, returning customers tpically spend 50 per cent more than new ones… and arel likely to spend £Lots over the lifetime of the customer…

Comments: Excellent post – Ratneshwar Prasad Sinha

Comments (1)

Ratneshwar Prasad Sinha says:
March 7, 2018 at 8:05 am Reply

Excellent post

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