Where is your customer focus?
14 minute watch
Acquiring a new customer can cost five times more than retaining an existing customer. Increasing customer retention by 5% can increase profits from 25-95%. The success rate of selling to a customer you already have is 60-70%, while the success rate of selling to a new customer is 5-20%.
If you were to log all the hours in your working day and describe where your attention was being placed, how much time would be allocated to new business acquisition compared to the customer experience? For many small businesses it's on acquiring new customers, leaving little time for our current ones.
In this interview with customer journey mapping specialist Cheryl Lardner from Cherry Bamboo we explore the importance of keeping an eye on existing customers as well as looking for new ones and how to focus on what our existing customers want and need.
Cheryl has over 20 years experience in sales, marketing and broadcasting. Her business Cherry Bamboo works with businesses both large and small on strategic marketing solutions based around detailed Customer Persona Development, Customer Journey Mapping and Audience Insight Surveys.
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