Bringing in new business is and always will be important. However, marketing doesn’t end when the ink is dry on the contract. Where are you focusing your efforts after that initial sale?
Your new customers shouldn’t disappear into a black hole, never to hear from you again – that initial transaction should be the start of their defined customer journey, complete with strategic touchpoints for success.
You might be familiar with these oft-quoted stats:
- It costs 5x as much to obtain a new customer than to keep an existing one [Invesp]
- Increasing customer retention rates by 5% can increase profits by 25% to 95% [research by Frederick Reichheld of Bain & Company]
As made clear, many companies are leaving money on the table if they don't continue marketing to existing customers once they make an initial purchase.