Maintaining Existing Customers Vs Attracting New Customers

26 Apr

Maintaining Existing Customers Vs Attracting New Customers


Maintaining Existing Customers vs Attracting New Customers

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 only 5-20%.

As we slowly emerge from the pandemic is has become important that your businesses products and services are evolving with your existing customers and at the same time, attract new ones.

An example of this is the international brand, Disney who will release the 'Obi-Wan Kenobi' series, a Star Wars spin-off series on the 25th of May. Ewan McGregor reprises his role as the titular character with events taking place between 'Revenge of the Sith' (Episode 3) and 'A New Hope' (Episode 4).

This demonstrates how Disney has used existing content and characters to create new stories in a time period not yet explored in the franchise, serving the existing fanbase they already have, at the same time attracting a new audience.

Talk to us today about how to retain your customers and attract new ones in 2022.