More Customer Retention

While new customer acquisition is crucial for growth, repeat customers tend to have a higher lifetime value and are more cost-effective to entice into another purchase, often for a higher amount.

According to Gartner, 80% of a company’s future revenues will come from just 20% of its existing customers.

The probability of selling to an existing customer is 60-70%. The probability of selling to a new prospect is only 5-20%. (Marketing Metrics book)

Referrals have a 50-70% close rate, while cold leads convert at 10-30% on average. (Hubspot)

Acquiring a new customer is 6 to 7 times more expensive than keeping an existing one. (HubSpot)

— https://paylode.com/articles/customer-loyalty-statistics#:~:text=Referrals%20have%20a%2050%2D70,(HubSpot) accessed 01/14/2025

☆ Life Application: Those stats about repeat customers are mind-blowing, right? Look at your marketing budget. How much are you spending right now on acquiring new customers versus encouraging repeat business? Do you need to consider making changes? What steps can you take to increase repeat business or referral business?

☼ Community Impact: Reach out to another woman-owned business in your community and brainstorm ways to collaborate and support each other. Maybe you can cross-promote each other's services, offer referrals, or even host a joint event. By working together, you can create a stronger and more vibrant community for everyone.