It is 6-7 times more expensive to acquire a new customer than it is to keep a current one.
Securing new business takes a lot of time and resources. To put numbers to it, an oft-quoted Bain & Company study shows it costs six to seven times more to land a new customer than keep an existing one. Depending on your industry, some studies suggest it can be up to 25 times more expensive. Ouch.
On top of that, new customers just don’t spend like existing customers. The probability of selling to a new prospect is just 5-20%. The probability of selling to an existing customer, on the other hand, is 60 – 70%. Keeping current customers happy and turning detractors into advocates is smart business. You can’t afford not to make it a priority.
SoGoCX, an integrated survey and analytics solution, makes a comprehensive, carefully planned, multichannel customer engagement program simple to execute. Engineered to elicit meaningful data, you can reveal which customers are at risk, where you need to intervene, and what you can do better to keep issues at bay. Most importantly, SoGoSurvey immediately puts context to the analytics, so you can triage customer service issues in the moment, define larger patterns of behavior, and develop strategies to enhance the customer experience.
Take the time to take CX seriously – your customers already do. Sign up for a webinar today and learn how SoGoCX makes CX management . . . well, manageable.