There is so much work and cost involved in acquiring new customers. For this reason, the most successful marketing strategies focus on retaining customers. After all, customer retention is profitable. For instance, existing customers spend more on each purchase than new customers. And while the success rate of selling to your current clients is 60% to 70%, it hovers from 5% to 20% for new customers. It is also more expensive (up to 7 times) to get new customers than it is to keep your current ones.

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