I had this exact conversation with a client recently, a startup who’ve done well with customer acquisition but need better retention to make real money.
Most businesses focus, to the point of obsession, on getting new customers – perhaps not realising it’s the most difficult and expensive way to grow a business.
By contrast, the easiest and most profitable sales will always come from people you already know, and who already know you – your existing customers.
So whilst it’s great to do the whole customer acquisition thing – there’s always a need for that, of course – you’re doing yourself no favours if you’ve got a leaky back-end: if you don’t have a process in place for keeping and developing your existing customers.
At Airbase we help our clients keep more customers more easily.
There’s a lot of potential revenue, and a LOT of profit, leaking out of your business. Our job is to stop the leaks by building loyalty and value with your customers in ways that demand minimal additional resources from you.
So what potential for growth are you missing in your business, and how will you stop it leaking away?
Originally posted by Phil Slorick on LinkedIn