This may not surprise you, but it can be almost 7 times more cost effective to retain an existing customer than acquire a new one. ( Markin Blog, 2020) Turns out, the probability of an existing customer making a purchase is about 60-70 percent. Your likelihood of a sale only lies between 5-20 percent for new prospects. ( Markin Blog, 2020). In fact, companies lose $1.6 trillion when customers take their business elsewhere. ( Markin Blog, 2020)) Read more…