I was chatting with someone recently and asked them just how much it cost them to attract new buyers for their products. They weren’t completely sure because it is, for them, a sunk cost. Employees have been engaged, products developed, marketing designed and enabled, and advertising bought and paid for. The cost is there and they need to be able to demonstrate its value with revenue.

Not knowing the cost of the new customer immediately put them at a disadvantage when I asked how much they spent to KEEP customers. They knew why customers left and the cost of the loss, but weren’t able to translate that into the costs they’d need to invest to keep the customer.

This is one of the key reasons I speak to vendors about Proving Impact. If you can show people your product, service, tool, platform, etc makes an impact, it becomes an awful lot cheaper to keep those customers, rather than find new ones.

What’s it costing you to not know?