One Stop Shop

Assuming most of you have answered d, which talks about building mutually beneficial relationships with your customers and increasing their CLV over time through up-selling and cross-selling, you’ve nearly hit the nail on the head. After all, it costs 5x as much to attract a new customer than to keep an existing one, remember? Additionally, selling to an existing customer has a success rate of 60%-70%, whereas it’s only 5%-20% when you’re selling to a new one. Now, let’s be real here: you already know about the concept of maximizing CLV, right? Maybe you’ve even memorized some of the statistics I’ve mentioned above. In fact, this was the topic of the ebook that I wrote for Conversio — 4 years ago! — and the tactics are still relevant today. To successfully scale your business over time, you need to maximize CLV. And to maximize CLV, you need to upsell and cross-sell to your existing customer. Yes, you can maximize CLV if your first-time customer becomes a regular, repeat customer. But did you know that you ca