Most businesses don’t maximise their returns from single customers because a lot of the time, they are targeting the wrong audience and bringing in unprofitable customers. That’s why working with a trusted partner like ETRAFFIC to devise the right strategy, you will attract highly profitable customers and increase the CLV of your business.
It’s been proven that existing customers already know your brand and trust it. Furthermore, you have already done the hard work to win them over. The latest statistics show that a business has a 60-70% better chance of converting existing customers compared to a 5-20% chance of converting a new customer. So, how will you get an existing customer to spend more money on your business in the long run? That’s where relationship building and upselling come into the equation and why these are two of the most important strategies you should focus on when it comes to retaining existing customers.