Did you know that it costs five times as much to attract a new customer, than to keep an existing one? See these great customer retention statistics and Infographic by Invesp:
Increasing customer retention rates by 5% increases profits by 25% to 95%
Increasing customer retention rates by 5% increases profits by 25% to 95%
More than two-thirds (70%) of respondents agreed that it’s cheaper to retain than acquire a customer
Existing customers are 50% more likely to try new products and spend 31% more, when compared to new customers
76% of companies see CLV as an important concept for their organization
Only 42% of companies are able to measure Customer Lifetime Value (CLV) accurately
The probability of selling to an existing customer is 60 – 70%, while the probability of selling to a new prospect is 5-20%
Infographic by- Invesp
