It can cost 6-7 times more to acquire a new customer than retain an existing one – Bain company
Generating new business can be expensive. But why is that? If you have a good product and happy customers, shouldn’t the reputation of your company and the word of mouth automatically generate new business? If it was only that easy – in today’s economy with information overload the consumers have taught themselves to be very selective in what type of messaging they pay attention to. They know what banner ads to ignore, which phone calls not to answer to, and which type of people to stay away from. This does not mean they no longer have need for products and services, but rather they have become very selective in whom to listen to.
The reason it is so expensive to acquire a new customer is because of the many steps you…
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