Did you know that:
- 2% of sales are made on the First contact.
- 3% of sales are made on the Second contact.
- 5% of sales are made on the Third contact.
- 10% of sales are made on the Fourth contact.
- 80% of sales are made on the Fifth to Twelfth contact.
- 48% of sales people never follow up with a prospect.
- 25% of sales people make a second contact and stop.
- 12% of sales people make three contacts and stop.
- Only 10% of sales people make more than Three contacts with a prospect.
On Existing Customers and Referrals:
- Repeat customers spend 33% more than new customers.
- Referrals among repeat customers are 107% greater than non-customers.
- It costs six times more to sell something to a prospect than to sell that same thing to an existing customer.
- Acquiring new customers can cost five times more than satisfying and retaining current customers.
- A 2% increase in customer retention has the same effect on profits as cutting costs by 10%.
- The average company loses 10% of its customers each year.
- A 5% reduction in customer defection rate can increase profits by 25-125%, depending on the industry.
- The customer profitability rate tends to increase over the life of a retained customer.
So, Which Group Of Professionals Do You Belong With?
Are you part of the 10% that actually takes the time to contact your prospects more than three times? Are you still trying to get new customers when you aren’t paying attention to your existing customer base? Want to stay in touch with your existing customers but not sure what to do or don’t have the time? Referral Squirrel can get you in front of your customers, boost your referrals and ultimately, increase your revenue. Give us a call today to get started.
- “Leading on the Edge of Chaos”, Emmett C. Murphy and Mark A. Murphy
- “Companies Don’t Succeed – People Do!”, Graham Roberts-Phelps
- “Customer Intimacy”, Fred Wiersema
- “Customer Retention in a Week”, Jane Smith
- “Extreme Management”, Mark Stevens
- “Results-Based Leadership”, Dave Ulrich, Jack Zenger, and Norm Smallwood
- “Relationship Marketing”, Women’s Business Centre, Dallas, TX, United States