“Thank you. Come again.”
We’ve all heard Apu’s famous catchphrase on The Simpsons, finishing every transaction with an invitation to shop again. Apu is trying to achieve something every business in the world wants: repeat customers.
And with stats like these, it’s just common sense:
Acquiring a new customer costs 6–7X more than retaining an existing one. – Bain & Company.
Increasing customer retention by 2% has the same effect as decreasing costs by 10%. – Leading on the Edge of Chaos, Emmet Murphy & Mark Murphy.
The probability of selling to an existing customer is 60–70%. The probability of selling to a new prospect is 5–20%. – Bain & Company.
It’s far more expensive to bring in new business than to retain current customers. This . . .Read more