May the odds be ever in your favor! The likelihood of making a successful sale to an existing customer lies around 60-70% – isn’t this a comforting number? But then why are so many businesses focused on acquiring new customers only?
Don’t get me wrong, you’ll need new customers in order to grow your business (because of churn), but you also definitely need to have a plan in place on how you will continue to sell to your existing customers!
Those customers have likely had a great purchase experience with you already and love your product! They know you and your product deliver what is promised, they have thoroughly vetted you. You must capitalize on this!
Looking at this stat, if you only had $1 to spend on your marketing today, would you invest it in acquiring a new customer or would you concentrate on selling to an existing customer?