Frustrated with the high cost of customer acquisition?
Learn how to increase your revenues and profit without spending more on ads. The right strategy will have current customers buying more -- and more often.
The Power of Customer Loyalty
Acquiring customers is necessary for all businesses. But did you know that acquiring a new customer is five times more expensive than retaining your existing customers? (Source: Hubspot)
The art of customer retention is a company’s ability to connect and bond with their customers, turning them into repeat buyers. It’s your ability to retain your customers longer so they don’t switch to a competitor.
According to marketing expert, Jay Abraham, there are only three ways to grow any business:
1) Increase the number of clients
2) Increase the average transaction value
3) Increase the frequency of repurchases
Once you acquire customers (#1 above), do you have an effective plan in place to KEEP them buying from you (#2 and #3)? If not, you’re in the right place!
Why prioritize customer retention?
“If you need only one reason to prioritize customer retention, consider this: Only a 5% increase in customer retention can increase company revenue by 25-95%,” added Hubspot.
What would it mean for your business if 5% of your current customers bought more from you over this next year? How much would that increase your bottom line?
If you aren’t prioritizing customer satisfaction and customer loyalty, you are missing out on significant revenue. Repeat customers spend 67% more than new customers. (Source: BIA Advisory Services)
“Businesses have a 60% to 70% chance of selling to an existing customer, while for a new prospect, it’s just 5% to 20%.” (Forbes, quoting the book “Marketing Metrics”)
I’m Donna J Davis and I specialize in getting your current customers to stick with you and buy more, increasing your profit.
If you’ve read this far, one or more of the following is probably true for you:
1. You need to find another way to increase your revenues without spending more and more on advertising.
2. You value your customers but don’t have a system in place to keep them engaged and buying frequently from you.
3. You have a customer retention system in place but it’s not getting the results you want.
In order to give you some recommendations on how to increase your customer loyalty, I need to get to know you and your business a little more. I offer a free consultation where we talk about what’s happening (or what’s not happening). Click the link below and choose a time that works for you.