Your company has already established a relationship with this customer, inspired trust in your product, and even knows something about them.
So all this makes it easier to identify their needs and predict their movements.
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2) Less marketing efforts
Your company will spend less time and effort finding new customers and convincing them that your product is the one they should buy. This way, it becomes easier to save time and money.
Read also: Marketing budget for 2023: learn how to put yours together
After all, building a long-term business relationship with a new customer costs 16 times more than retaining an existing customer.
3) More room for improvement
Your company has a golden opportunity to improve its offerings and latvia mobile database customer satisfaction rates . All you need to do is listen to your customers’ feedback.
Was your customer service good enough? Did your product meet their expectations? Was it good value for money? Just ask, listen and improve.
4) Higher profits
Selling to existing customers requires less investment than selling to new customers.
Additionally, since your existing customers already trust your brand, it becomes easier to convince them to become even more interested in other products or services – what we call cross-selling and upselling.
Learn more: Upselling to increase sales and profits – check out these tips
5) Lower costs
Selling more to current customers can save your business a lot of money! A recent study found that attracting new customers costs your business 5 to 25 times more than retaining an existing customer.
On the other hand, a small 5% increase in customer retention can increase a company’s profitability by 75%. That’s why your company should pay close attention to the real value of customer retention.
The time to put your marketing and sales teams , as well as your digital marketing agency, to work on creating strategies aimed at retaining your customer base is now.