Many business owners ask the question “How do I get more leads to grow my business”. Since only 18% of business owners focus on customer retention and less focus on growing their business from their existing customers, the question they should really be asking me is “ how do I maximize my existing customers to grow my business?” It costs 5x more in marketing dollars to get a new customer than keep a current customer. 65% of your revenue comes from your existing customers.
The concept of Maximizing Your Existing Customers To Grow Your Business is exciting, but you need balance so make sure you don't go overboard on client retention strategies at the expense of new customer acquisition. Start by retaining the customers you already have with some simple actions steps in this episode and then slowly branch out to creating systems to acquire new ones.
About Today’s Topic or Guest: Today’s show is going to focus on Customer Retention Strategies. The ways you can get more revenue from those existing customers and how to get those customers to refer you to new customers.
Links Mentioned In This Episode:
Link for Stats and life time customer value - https://www.invespcro.com/blog/customer-acquisition-retention/
E15 Networking How to maximize this effect marketing tactic.
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