Stop Marketing. Start Selling (an experience)
Where do you put your marketing efforts?
Where do you spend your money?
Are you getting a just good or an exceptional return on investment?
Maybe you spend too much time and money marketing your services.
Is that possible? Yes. Yes, it is. And here's why. Let's look at some quick stats.
5X - How much more it costs to acquire a new customer than to retain one.
60-70% - Chances of selling a product or service to an existing customer
5-20% - Chances of selling a product or service to prospective customer
50% -Chance that an existing customer will want to try something new.
31% - How much more a repeat customer is willing to spend because you've earned their trust.
Do these figures seem a little lop-sided? If they do, the next set of stats may just be alarming.
88% - Companies that do not put primary focus on generating sales from their existing customers.
Now, you might say -- if I keep churning my existing customers they won't be my customers for long. And yes, you're right, unless you're doing it the right way, by building loyalty to your brand.