{"id":1036,"date":"2017-01-26T07:20:01","date_gmt":"2017-01-26T07:20:01","guid":{"rendered":"https:\/\/www.dkmarketing.gr\/?p=1036"},"modified":"2019-02-15T12:14:37","modified_gmt":"2019-02-15T12:14:37","slug":"invest-keeping-existing-customers","status":"publish","type":"post","link":"https:\/\/dkmarketing.gr\/en\/invest-keeping-existing-customers\/","title":{"rendered":"Why should you invest in keeping your existing customers?"},"content":{"rendered":"

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A common mistake<\/span> that businesses make is to focus and invest more in sales growth<\/span> by attracting new customers than maintaining existing ones <\/span>and building a long-term meaningful relationship with them.<\/span> Yet the latter is valuable for the development of the operation for the following reasons:
\n80% of future business profits<\/span> come from just 20% of their existing customers.<\/span> Should the retention rate of existing clients increase<\/span> by 5%, the company\u2019s profit can be increased from 25% to 95%.<\/span>
\n<\/span>
\nExisting customers spend 33% more money than new customers. It is 14 times more likely to buy a brand, and 50% more likely to try new products of the same brand<\/span> in relation to new customers.
\nThe cost of attracting new customers is seven times the cost of keeping existing ones.<\/span>
\n73% of the existing customers are more likely to recommend the brand to others. Indeed, the positive testimonies via word-of-mouth or over social media is much more likely to affect other consumers<\/span> than the promotional activities of a brand.
\nThe existing customers will defend the brand<\/span> that consistently choose in cases of new competitors or defamation<\/span> and are more willing to pay higher prices for it<\/span> in relation to new customers.
\n
\n 
\n 
\nSource<\/span>: David Aaker and Andrew Marcum (2017), Eric Siu (2016), Ayodeji Onibalusi (2016), Jana Barrett (2016), Michelle Markelz (2016), Jerry Jao (2015), www.retentionscience.com, www.invespcro.com<\/p>","protected":false},"excerpt":{"rendered":"

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