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