The majority of customers visit your website or your brick-and-mortar location only one time. All the marketing efforts and money that is spent on driving traffic to your business results in most customers only giving you one shot. And it can cost 5 times more to attract a new customer, than it does to retain an existing one. According to Bain & Company’s research, increasing customer retention rates by 5% increases profits by 25% to 95%. With these statistics in mind, it makes sense to focus efforts and funds to nurture your existing customers who are spending their money on your goods or services time and time again. This is not to say that you shouldn’t market to new consumers, which is a must, of course. But these statistics should be taken into consideration when budgeting how much you spend on acquiring new customers versus taking care of your existing customer base.