Yes, increasing revenue and business growth is all about sales, and to increase sales you need a steady stream of leads and new customers. Everyone needs new customers in the business world. Acquiring new customers is beneficial and it grows the business. But is this the only way to increase profits?
What if you designed a system, a funnel that helps you continuously improve your client's business?
In fact, the success rate of selling to existing customers is 60-70% , while the success rate of selling to new customers is only 5-20% ! Also, acquiring a new customer can be six to seven times more expensive than retaining an existing one.
Building relationships with customers and maintaining relationships with competitors is all there is to it. It's not an easy task because you're dealing with an industry competitor that could steal your customer base.
That's why in this article, we'll give you six strategies to Latest Mailing Database attract your existing customer base using your WordPress site.
Why should you care about current customers?
It turns out that one of the best new revenue streams is your existing customers. Those who have bought from you and know your company.
Here are the main reasons why you should care about existing customers :
Higher Conversion Rates – Your customers already want to work with you. So unless they have a disappointing experience, they will buy from you again.
Less Marketing Effort – By retaining customers, you will spend less time and resources on new customers. You don't have to convince them that you are their best option. The cost of establishing a long-term business relationship with a new customer is 16 times the cost of maintaining an existing customer.
Improvement – Customer retention is an excellent way to improve your offer and its effectiveness. Is your customer service department correct? Does your product meet customer expectations? Are you offering value for money? Ask for feedback, document and improve!
Increase Profits – As long as your existing customers trust you, it is much easier to cross-sell them. In fact, according to Gartner Group, 80% of your company's future revenue will come from 20% of your current customers.
Reduce costs – saving money is always a good thing! According to a Bain and Company report, new leads cost 6 to 7 times as much as maintaining existing leads. Additionally, a slight 5% increase in customer retention can increase a company's ROI by 75%!