The most expensive kind of customer is a New customer.
This is why it's shocking how so many marketers focus entirely on acquiring new customers as their primary means of impacting growth.
New Customers require a lot more investment to attract, nurture and convert towards any offering.
Meanwhile, existing customers present a lot of growth opportunities that companies leave on the table. These include:
1) Increasing retention rates and LTV -- this has the double benefit of giving you the ability to spend more to acquire new customers.
2) Expanding existing customer accounts -- including working with product and customer success teams to increase usage in terms of functionality and number of users.
3) Upselling and Cross-selling -- having existing customers buy additional solutions that connect to the core offering.
Marketing thinking about these growth levers increases the odds of the business growing faster and hitting its targets.
Think beyond new customer acquisition and you'll instantly become a better marketer.
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