Why do 70% of Business Owners Focus more on Customer Acquisition instead of Customer Retention?

  • Acquiring a new customer can cost five times more than retaining an existing customer.
  • Increasing customer retention by 5% can increase profits from 25–to 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%.
  • One customer experience agency found loyal customers are 5x as likely to repurchase, 5x as likely to forgive, 4x as likely to refer, and 7x as likely to try a new offering.
  • U.S. companies lose $136.8 billion per year due to avoidable consumer switching.
  • American Express found that 33% of customers will consider switching companies after just one instance of poor customer service.

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Adegbite Mubaraq

Adegbite Mubaraq

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Blockchain Copywriter and Marketer |Technical Analyst |Budding Financial Engineer