“May You Live in Interesting Times”, is a saying sometimes attributed to an old Chinese proverb or curse although there is no definite answer from where this saying comes from. All times are interesting in some way or another but right now is a very interesting and troublesome time.
We’re all trying to figure out what to do. The more pressing issue is the health and well-being of you and your family. It’s unnerving for many. But it’s also an opportunity to take a few moments to think about your business.
The challenges in the economy will impact every business. There’re decisions that can be made or considered that can help. Think about the following:
- 80% of your future profits will come from just 20% of your existing customers
- It costs 16x more to bring a new customer up to the same level as a current one
- The average repeat customer spends 67% more in months 31-36 of their relationship with a business than they do in months 0-6
- A 5% increase in customer retention can increase business profits by 25% – 125%
- Companies that prioritize the customer experience generate 60% higher profits than their competitors
Existing customers are one of the most valuable assets any company can have. Keeping customers loyal comes with a wealth of benefits especially in today’s environment. Some of these include helping keep your retention rate high, increasing lifetime value, and they are more likely to spend more.
Keep safe and give some thought on what you can do to help improve your customer relationships.