Increase customer retention by as little as 5% and boost profits by as much as 95%
Tim Rentowl
Strategic Advisor | 25+ Years Experience In Technology, Supply Chain And Leadership | Applying Neurodivergent Perspectives To Solve Complex Business Problems | Dyslexic ADHDer ?????
Sounds too good to be true, right??
Well, you don’t have to believe me, this is according to Bain & Company and in my experience, I’d say they are spot on.
Increasing profits is a key component for all our businesses but it’s how you go about it that matters.?
It's a proven fact that the cost to acquire new customers can be up to 7X higher than retaining current ones.
Similar to the second sale principle in retail, you are far more likely to make an additional sale to existing customers than you are trying to generate sales from new ones.
So review your financial growth plans and if they aren’t highly biassed towards driving more revenue from your existing customer base, then you might be focusing your efforts in the wrong places.?
Reach out to me if you’d like to talk about your situation in more detail and we’ll work with you to create strategies to boost your retention and drive that exponential increase in profit.??
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A one-off, two-hour session to help you to make a decision, get ideas and input into a plan, or talk through a particular challenge in your business in confidence.
I'll help you create a strategy to move both you and your business forward!
Customer sleuth & marketer for B2Bs | Fractional Marketing Director | Championing better customer experiences | Helping companies Prosper | TMM Host Southampton
9 个月Totally agree! Gaining new clients can often take all the focus, but keeping them plays a vital role too. You've got to deliver on the promise they've bought into if you want them to stay and recommend you to others.
Growth & AI solutions for business owners and CEOs | Business advisor, investor, board member
9 个月Cost of sales for an existing customer can be so much lower. You don't have to market to them, nurture them, persuade them to try you out. They have tried and they are familiar with the brand and the value proposition. I evangelise building a lifetime customer journey. It's not just about how to get them in the door, but how to continue to serve them with services they value of a long-term relationship. Thanks for the note Tim Rentowl - every business owner should hear it.
Master Your Sales Pitch & Double Success | Tailored B2B Sales Training for Experienced Teams & Non-Sales Pros | Close More Deals, Upsell Premium Services, Charge What You Deserve — No Pushy Tactics | 92 Raving Reviews??
9 个月Improving customer retention is crucial to the long term success of a business, but probably one of most businesses biggest weaknesses. Keeping clients on the conveyor belt is something that i need to improve on Tim Rentowl