“The COVID-19 crisis has shifted CMOs’ focus from customer acquisition to customer retention and growth.” –Gartner
Marketing’s focus has been primarily placed on attracting and capturing new logos. Of course, that’s important but customer retention needs to share that spotlight.
Customers are the key to faster growth. Why? They already know you, trust you, and reply on you. When putting focus on them, which they well deserve, you put focus on building stronger and more mutually meaningful relationships that translate into ongoing work. That work then becomes stories of success that you can use to attract new customers.
Here are some mind-opening stats:
--Increasing retention by just 5% can lead to doubling the profits.
--A satisfied customer provides 2.6 times more in revenue.
--You are 3.5 times more likely to sell to an existing customer than a new one.
--A retention-focused strategy can improve CAC through its word-of-mouth effect.
--Lowering the churn rate for 5% can increase profits by up to 125%.
And remember, your current customer helps define your future buyer.
If you'd like to connect to learn more about how I can help you build deeper connections with your customers that result in accelerating revenue growth, send me a note at firstname.lastname@example.org