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2023/05/20
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The value of old customers
The value of old customers
Have you ever heard the following words:
The cost of developing a new customer is 3-10 times that of retaining an old customer;

A 5% drop in customer loyalty and a 25% drop in corporate profits;

The success rate of selling products to new customers is 15%, and the success rate of selling products to old customers is 50%;

If the annual customer retention rate is increased by 5%, the profit will increase by 25% to 85%;

60% of new customers come from referrals from old customers;

20% of customers bring 80% of profits!
The above few sentences show that in today's market situation, how to maintain customer relationship is becoming the core competitiveness of enterprise survival!

So, what is an old customer? Old customers are customers who have already had transactions.
Many people wonder that old customers can become the core competitiveness, so what is the value of old customers?
The value of old customers:
1. Reduce traffic costs
Now the cost of acquiring customers is getting higher and higher, and it is much faster to catch an old customer than to develop new ones, because old customers have a certain sense of trust in you, so it is more expensive to deal with an old customer. It's easier to close a new client.

2. Increase the unit price of customers
Maintain old customers, improve customer trust and stickiness, and improve product quality. Old customers will be more willing to place orders with you for a long time and increase purchases.

3. Old customers bring new customers
Referrals from old customers, because such new customers have a layer of relationship with old customers, first of all, they will have a sense of trust in them. If the relationship with old customers is well maintained, old customers can also help you facilitate this business deal.

4. Good old customers can maximize the benefits of both parties
A good buyer will tell you his needs and your shortcomings, and train you to become a better supplier, so that both parties can maximize their benefits and achieve a win-win situation.
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