Post by anamika371 on Jan 13, 2024 5:47:02 GMT
You could easily skip most of the steps where you educate them about your brand. and have first-hand experience with your products, you can just jump straight to giving them a good deal. When comparing the customer acquisition cost, or CAC, of a new customer to an existing one, it’s clear that focusing on existing customers makes better financial sense—which is why customer engagement and loyalty are essential to any growth marketing strategy. Of course, a business cannot survive on just its existing customers.
But that being said, if you don’t already have a solid customer loyalty strategy in Email Marketing List place, we suggest you spend more effort thinking about it. It’s easier to sell new products to existing customers Engaging existing customers is not only cheaper, but also easier. Existing customers already have prior knowledge and experience with your brand, so it seems easier to convince them to buy from you. And this has been backed up by data.
According to the book Marketing Metrics, the probability of companies selling to an existing customer is 60-70%. On the other hand, the probability of selling to a new customer is 5-20%. Global research and advisory firm Gartner Group also released a statistic on customer loyalty that stated 80%of your company’s future revenue will come from just 20% of your existing customers. These statistics show that customer retention strategies are essential to the long-term profitability of your company and is something you should.
But that being said, if you don’t already have a solid customer loyalty strategy in Email Marketing List place, we suggest you spend more effort thinking about it. It’s easier to sell new products to existing customers Engaging existing customers is not only cheaper, but also easier. Existing customers already have prior knowledge and experience with your brand, so it seems easier to convince them to buy from you. And this has been backed up by data.
According to the book Marketing Metrics, the probability of companies selling to an existing customer is 60-70%. On the other hand, the probability of selling to a new customer is 5-20%. Global research and advisory firm Gartner Group also released a statistic on customer loyalty that stated 80%of your company’s future revenue will come from just 20% of your existing customers. These statistics show that customer retention strategies are essential to the long-term profitability of your company and is something you should.