Growth is the Holy Grail of most businesses. And there are three fundamental processes for growth that drive all other strategies and tactics:
Growth does not come cheaply -- decline is even more expensive!
Depending on who is asked, acquiring a new customer costs between 5 and 8 times the cost to retain an existing one.
- Approximately 80% of your annual revenue comes from existing customers (at least their second purchase).
- About 80% of Marketing costs are used to acquire new customers.
Maybe this cost summary is the reason that people in the know believe that Retention is the New Acquisition!
At Middlesex Consulting our special niche is advising high-tech companies about retaining customers to grow the top and bottom lines while increasing customer loyalty. We focus our services in three areas:
- Financial Results
- Loyalty and Customer Referrals
- Value Added differentiation
If Growth Strategies are something you'd like to hear more about, please contact me at 508.877.1924 or firstname.lastname@example.org and don't forget to check out our blog for useful and interesting articles and posts.
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