You Mon Tsang shares strategies that can translate to veterinary hospitals and retailers in the animal health market. Companies that relentlessly focus on existing customers can ride through uncertain times with the least disruption.
Not only is retention less vulnerable than acquisition to the short-term swings of a bad economy, but the rule of thumb that it costs five times more to win a new customer than to keep a current one becomes even more extreme in a downturn.” – You Mon Tsang
Source: Harvard Business Review, December 5, 2022. Link.
INSIGHTS: Tsang uses that nasty term, “sales.” Remember if your actions create an invoice . . . you have sold. 😉