Back when dinosaurs roamed the earth and every product was the first of its kind, getting new customers was no problem.
Business was booming. Competition was minimal. Dino salesmen were dining on tender, bloody brontosaurus steaks every night.
So it didn’t matter when some of those original customers eventually stopped buying. Because there were always more dinos to sell to.
Close the damn sale, Rex.
In case you hadn’t noticed, things have changed
Fast-forward a couple hundred million years, and the world of sales and marketing is a teeeeensy bit more competitive. (The upside: we’re not usually worried about getting eaten.)
We all know it costs more to acquire a new customer these days than to keep the old ones helplessly, gratefully entangled with you and your business.
But for some reason, too many businesses still focus most of their energy on the flashy, sexy acquisition part of the funnel — forgetting that they’re spending up to 7x more money to convert new customers while it’s actually 5X more cost effective to retain a customer than to acquire a new one.