Originally posted on the Bill.com blog.
And, most likely, winning new customers.
For most companies, the sales focus is on prospects. When new customers come on, they bring money, prestige, and great numbers to share on quarterly reports. But you still have to build trust, deliver as promised, and work to retain their business beyond the honeymoon stage.
Never forget that you already have a built-in source of contacts who trust your company and what it does: Your customers. And you shouldn’t overlook selling to them.
Studies show that it costs five times more to get new customers than keeping existing ones.
Another asserts that growing customer retention by 5% can lead to a 25% increase in revenue. Finally, this book discovered that the probability of selling to a new prospect is 5%-20%, while the chances of selling to an existing customer are closer to 60%-70%.