Most companies know your growth comes in two forms: customer acquisition and customer expansion. And you might even know that 20-30% of revenue comes from new customers, while 70-80% comes from existing customers.
But what most companies don’t know is that you need to take a different approach to growing your business versus winning new business.
In fact, new research shows that the psychology behind what motivates your prospects versus your existing customers is completely different. It makes sense to disrupt your prospect’s status quo when you’re trying to win their business. But using that same provocative message with customers—when you’re trying to renew or expand business with them—will actually backfire, increasing the risk of losing your existing customers to competitors by up to 10-16%!
Bottom line? Using a one-size-fits-all approach to messaging puts the vast majority of your revenue and growth at risk.