When I was in college, I struggled with statistics class. But today I’m glad I toughed it out because I learned a valuable lesson and if you don’t know it yet, learn it now. The probability of selling to an existing customer is 60-70 percent. The probability of selling to a new lead is 5-20 percent (from Marketing Metrics).
Research also shows that a 10 percent increase in customer retention results in a 30 percent increase in the value of the company (from Bain and Co.) If this doesn’t force you into managing your retention strategy it’s time to go back to school.
Frank Emanuel
Health Club Marketing Contributor
