Break Through Your Retaining Wall
Retention vs. Acquisition. Let’s start with what you already know. Take the cost of retaining a customer. Multiply it by 500%. That is what it costs to gain a new customer.
Existing customers are awesome. They are between 3 and 12 times more likely to buy from you, compared with a new customer. They are twice as likely to try new products. On average, they will spend a whole third more than a new customer.
If you can raise customer retention by just 5%, you will increase profit by 25-95%.
You know that. So why do businesses put 250% greater weight on acquisition over retention?
Breaking down that wall calls for the same commitment as in any relationship: a shift from telling to listening.
When Strategic Specialists analyses your business, we apply a five-dimensional model to all your key areas. Note the five aspects around Customer Engagement:
- Customer monitoring
- Customer feedback
- Gauging what customers think of you
- Making everyone in your business is aware of all that feedback
- Carefully measuring retention and churn
In love, in life and in customer relations, people treasure being heard and understood. They key to retaining customers, along with all the benefits retention brings, is being a better listener.
The 5D analytics in our 12 Goal Diagnostic is the foundation of our SMB RoadMap process. Find out more here or call Strategic Specialists Group on ph: 1300 384 733