Odds are a large percentage of your company’s attention and budget goes toward customer acquisition. That makes sense if your customer lifetime value is high – but if you aren’t driving repeat business, it’s ultimately a waste of resources. Securing the second transaction is a key step to generating a good return on your investment.
A 10 percent increase in the number of new customers who buy a second time results in a 15-25 percent revenue improvement (depending on your level of repeat business today). That directly impacts your break-even cost for customer acquisition and makes more acquisition options feasible.
KDYKES: Great set of ideas on how to capture keep/grow the customer past the first transaction.