When selling our services to clients we need to focus our attention, time and energy on our existing clients, not chasing new clients. Research confirms this produces the optimum results because:
- The probability of selling to an existing customer is 60-70%, while the probability of selling to a new prospect is 5-20%.
- Existing customers are 50% more likely to try new products and spend 31% more, when compared to new customers.
- It costs five times as much to attract a new customer, than to keep an existing one.
- Increasing customer retention rates by 5% increases profits by 25% to 95%.