Rate Your Client Value Meter
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