It’s a fact. Across the board, in every industry, selling new products and services to existing customers is less expensive than acquiring new customers. It’s also true that the more products and services a customer buys from one resource, the less likely it is for that customer to switch to a new provider.download pdf
Guest blogger John Berigan from Customer Service Profiles shares his thoughts on the ROI of customer experience research and why happy customers don’t leave.
In the world of acquisition marketing, there are far fewer answers than questions. So, it’s always good to know what to focus on and what’s best to ignore. Since the cost to acquire and retain customers varies widely by product, service or industry, try not to get distracted by the latest highly discussed industry trend or “hot” social media take.
Nowadays, it’s simply not enough to match demographics (age, location, annual income) to acquisition campaign marketing efforts. No matter the financial institution, there’s a persona or brand behind the exterior facade or landing page, so it’s important to look for the alignment between your brand and profitable customer lifestyles.