sell more to existing customers Research undertaken by the White House Office of Consumer Affairs in 2016 found that it costs 6 – 7 times more to sell to a new customer than to an existing customer. This survey also found that a loyal customer can be worth 10 times more than their initial purchase. […]

sell more to existing customers Research undertaken by the White House Office of Consumer Affairs in 2016 found that it costs 6 – 7 times more to sell to a new customer than to an existing customer. This survey also found that a loyal customer can be worth 10 times more than their initial purchase. It was also found that: The average probability of a new customer buying is 5% – 20% The average probability of an existing customer buying is 60% – 70% While advising businesses, I have found that there is an appreciation of the importance of existing customers, and an understanding that existing customers are potentially more profitable than new customers. However, few businesses seem to allocate the resources required to: Maximise customer loyalty by providing excellent service Maximise customer identification and understanding Sell more to the existing customers Seth Godin often makes the point that it…