Entrepreneurs and businesses struggle to attract and retain customers. It's a significant challenge. Here's the reality.
The Challenges
- It's terribly competitive. Over 90% of startups fail, and it's often because they cannot differentiate themselves (CB Insights, 2023).
- Earned trust is hard to come by. 81% of customers need to trust a brand in order to buy (Edelman, 2024).
- Attention is temporary. People spend a mere 8 seconds deciding if they care (Microsoft, 2022).
- Loyalty is dwindling. 73% of shoppers switch brands after just one negative experience (Zendesk, 2023).
- Advertising spends bite. Small businesses have $10,000-$50,000 every year spent on advertising, and bad outcomes are often (Forbes, 2024).
The Facts
- 63% of business owners state customer acquisition as their biggest headache (HubSpot, 2024).
- Existing customers spend 67% more than new customers (Bain & Company, 2023).
- Word-of-mouth drives 20-50% of buying, but merely 13% of businesses treat it as a priority (Nielsen, 2022).
- 70% of buying decisions are driven by online reviews (BrightLocal, 2024).
- Retaining a customer is 5-25 times cheaper than getting a new one (Harvard Business Review, 2023).
The Bottom Line
Getting customers is tough. Keeping them is tougher. Data shows it’s a fight for attention, trust, and dollars—every day. With my vast experience as a fundraising consultant, I’ve seen this firsthand: businesses that nail trust and relationships don’t just survive—they thrive.
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I help businesses secure funding. Over 300 clients and $20 million raised.
