It is a fact: it is more expensive to acquire a new customer than it is to drive additional revenue from known customers. While statistics range from 3 to 30 times more expensive, depending on the source, the message is clear: chasing potentials over courting current customers is simply not cost effective.
Despite this, 63% of marketers believe that customer acquisition is the most important goal for their advertising. Organizations are so focused on driving revenue from new customers and then moving on to the next that they miss opportunities to drive further revenue from these prospects-turned-customers in the future. [Read more…]