Did you know that it costs five times as much to acquire a

Did you know that it costs five times as much to acquire a new customer as it does to retain an existing one? The first rule of any business is to retain customers and build a loyal relationship with them to avoid the cost of customer acquisition. He is the co-author of the Amazon.com bestseller Conversion Optimization: The Art and Science of Converting Visitors into Customers. Khalid is a sought-after speaker at industry events such as SMX, SES, PubCon, Emetrics, ACCM and DMA. It’s a well-known fact that 44% of companies focus more on customer acquisition than customer retention. It’s also true that only 40% of companies and 30% of agencies place the same emphasis on customer acquisition and retention. The probability of selling to an existing client is 60-70% and the probability of selling to a new potential client is 5-20%. If you enjoyed this article, be sure to subscribe to the Invesp blog feed to receive future articles in your feed reader. Existing customers are 50% more likely to try new products and spend 31% more than new customers. For more interesting and meaningful facts, see “Retention Spending – Statistics and Trends.” See our infographic, “Attracting Customers vs. 18% Targeted Retention.” Khalid Saleh is CEO and co-founder of Invesp Share this image on your blog or website.