Bubble Wrap Your Customers to Keep Your Competition Away

One thing salespeople need to learn how to do and how to do better is insulating customers from their competition.

How do you feel when your phone rings or you get that email or text from one of your vendors who you haven’t spoken with in six months, letting them know it’s renewal time?

Don’t be the salesperson who only shows up during renewal time or when it’s time for your customer to put in another order. Chances are by that time, they’re already speaking to one of your competitors.

What if salespeople spent as much time on their retention strategy as they do on their selling strategy? So, what’s your retention strategy to continually deliver value to your customers, even when they’re not buying from you?

Current Statistics

⭐ Repeat customer statistics reveal that returning loyal customers spend an average of 33% more per order as compared to others.

⭐ Acquiring new customers is five times more expensive than retaining existing customers.

⭐ There is a 60-70% chance of selling to an existing customer.

⭐ With new customers, the chance of closing a sale is just 5-20%.

⭐ Only a 5% increase in customer retention can increase company revenue by 25-95%.

When asked in a survey about what “customer loyalty” means, 74% of respondents said it’s about feeling appreciated and understood rather than receiving special offers.

64% also mentioned that they are willing to spend more on a brand that remembers them and offers a personalized experience.

What do you think? Time to develop your retention strategy. Let me know if I can help.