Do you really know your customer? Understanding their buying behaviour, needs and wants is the backbone of any business. Mystery shopping and customer surveys is a powerful one-two punch into learning a ton from your customers and making sure they stay customers.
Statistically, a new customer costs five times more than a customer you already have. Austin-based marketing company, Outbound Engine, tell us the success rate of selling to an existing customer is 60-70%, while the success rate of selling to a new customer is only 5-20%. Big difference, right?
Let’s have a quick look at these two strategies that so many businesses underutilise and yet hold the answers to so many business question marks.