Dictionary
What is the best definition of Customer Expansion?
By Jon Ane
Customer expansion is a Strategic Path meant to upscale sales volumes and uphold the loyalty of actual customers―those who buy from you. Amongst the tactics to achieve customer expansion could be found tactics such as bespoke offers, cross-sells and upsell. As buying customers is a company’s pillar―an already captive audience who trusts you- it is easier and less costly to sell them than attract new ones.
According to Forbes, the advantages of selling to existing customers includes the following:
- Attracting new customers is five times the cost of retaining existing ones.
- Existing customers are 50% more likely to try a new product.
- Existing customers spend 31% more than new customers.
- The probability of selling to an existing customer is 60 to 70%, while a new prospect is 5 to 20%.
Do make sure all tactics and means in use would create synergy with your G-POST. Or else you might jeopardise it all. For more information, visit Jon Ane, The Rosetta Stone of Strategy.
www.cherry-pix.com/strategy-as-arrow-and-tactic-as-bow/187759/
Each of its 36 stages attacks the complex reality from a different or slightly different angle and adds additional dimensions to create and complete a precise strategic map.
Each stage does better fine-tuning than the previous one.” Jon Ane, The Rosetta Stone of Strategy.
G-POST STRATEGY TOOL – strategy – “The G-POST is much like visible light―each of its 36 stages adds another colour to complete the entire spectrum.
Each of its 36 stages attacks the complex reality from a different or slightly different angle and adds additional dimensions to create and complete a precise strategic map.
Each stage does better fine-tuning than the previous one.” Jon Ane, The Rosetta Stone of Strategy.
