Posts

Showing posts with the label customer-acquisition

Rate Your Client Value Meter

Image
You’ve likely heard that it’s less expensive to  retain  an existing client than it is to  acquire  a new one, right?  Believe it or not, it’s a pretty notable difference… The first sale always takes more time, energy, effort, and investment. Acquiring a new client can cost up to  5X more  than retaining or growing an existing one.  Plus, there’s an increased success rate of selling to a client that has previously bought from you… A 50% increase!  So why do so many companies get so laser focused on attracting new clients that they essentially ignore their current clients?    To understand better, let’s first get crystal clear on what  client value  is… Client value  is the level of satisfaction your clients feel towards your business. It can be calculated in several ways, but for this particular case let’s think of it as how much are they spending with you year-over-year.  As far as cost of acquisition vs. the cost of retaining. If you’re always burning through ad revenue and other acq...