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Winning NEW customers vs. Retaining EXISTING customers - which do you prioritize, and how do you drive your team based on that?

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3 Answers
  1. Scott Monroe
    Scott Monroe

    ServiceNow Director, Product & Solutions Marketing • 3y

    The old debate of prioritizing existing customers vs. new ones...a tale as old as time.  I think this one can depend a lot on the stage of your company or product. If you have a lot of existing customers already, consider that happy existing customers tend to spend more money with you. I saw a stat recently that showed existing customers spend 67% more than new customers.  If your product marketing or customer marketing teams are large enough, have some people focused on new growth, and others o ...Read More

    4,401 Views
  2. Greg Gsell
    Greg Gsell

    Datadog VP, Product Marketing | Formerly Salesforce, Attentive • 3y

    I have worked at two different companies and we approached it entirely differently.  At the first company, we were far and away the market leader and defined the space. Here, we almost entirely focused on new logo acquisition for competition. If we won up front, we had the better product and were very sticky, plus the cost of switching vendors was very high, so the risk of churn was much lower.  At my current company, we are in a highly competitive space. We are really good at new logo acquisiti ...Read More

    1,739 Views
  3. 🤘 Dejan Gajsek
    🤘 Dejan Gajsek

    Grow and Scale Co-founder and CEO | Formerly Circuit Stream • 3y

    Coming from a full-stack marketing background, my vote goes toward retention than acquisition.  Why? Because even if you kill it with acquisition and get new customers for your service, if your "bucket is leaky", you're going to eventually lose them because there's something that isn't right in your client funnel.  According to Forbes, acquiring new customers can cost five to seven times more than retaining them. This means that until you fix the churn issue, you'll be hemorrhaging money. Only w ...Read More

    629 Views

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