The Ledger
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Most marketing chases strangers. But Bain research found that keeping just 5 percent more of your existing customers lifts profit by 25 percent or more. The people who already know you are the cheapest revenue you will ever find.
This week: one low-cost way to turn tonight's first-timers into next month's regulars, before you spend a dollar chasing anyone new.
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Research
Every stat we build the business on, in one place. Borrow them for your own specials board if you want.
25%+
more profit from keeping just 5 percent more of your existing customers, with published figures up to 95 percent in some industries.
Source: Bain & Company (2001), range cited by Harvard Business Review (2014)
5-9%
more revenue per additional Yelp star, for independent restaurants specifically. Chains showed no effect.
Source: Michael Luca, Harvard Business School, Working Paper 12-016
76%
of people who search for something nearby on their phone visit a business within a day.
Source: Google, Think with Google (2016)
28%
of those nearby searches end in a purchase.
Source: Google, Think with Google (2016)
$36
returned for every $1 spent on email marketing, on average, more than any other channel.
Source: Litmus survey of ~2,000 marketers
~10%
average click rate on behavior-triggered text messages, roughly double one-off campaign blasts.
Source: Klaviyo platform data across 183,000+ businesses
42 hrs
the average time a business takes to respond to a new inquiry. 23 percent never respond at all.
Source: Harvard Business Review audit of 2,241 companies (2011)
7x
more likely to reach the decision maker when you respond within an hour instead of waiting one more.
Source: Harvard Business Review (2011)
Sources
25%+ profit from keeping 5% more customers.
5 to 9% revenue per extra Yelp star, independent restaurants.
Michael Luca, Harvard Business School, Working Paper 12-016 (2011, rev. 2016)
76% of nearby mobile searches lead to a visit within a day.
Google, "How Mobile Search Connects Consumers to Stores," Think with Google (2016)