Test article 2: Customer Retention Leads to Lower Marketing Costs

According to the Harvard Business Review,

Acquiring new customers for your business is anywhere from 5 to 25 times more costly than retaining an existing one.

Not just that. There’s a 60% to 70% success selling rate to customers you already have, while 5% to 20% success selling rate to a new prospect.

But how, exactly, are you able when retaining customers than just acquiring new ones?

Lead Generation Cost

In business, a lead is someone who left some kind of contact information behind.

Commonly, it’s in the following forms:

• Email address
• Phone number
• Name and address

This type of information doesn’t come cheap.

In fact, according to Survey Any Place, the average cost per lead across industries is around $33 to $34.