Marketing Donut says the following:

Only 2% of sales occur when two parties meet for the first time
80% of non-routine sales occur only after at least five follow-ups
63% of people requesting information on your company today will not purchase for at least three months, while 20% will take more than 12 months to buy
92% of sales people give up after four "no's", and only 8% cent of sales people ask for the order a fifth time

If you’re a small business owner and you’re only doing one or two follow-ups, you’re losing business.

Most people try to follow up with "email marketing" or random "newsletters". Unfortunately that isn’t enough.

The best way to follow up is to take the people in your audience and move them up through your value ladder.

First Sale vs Lifetime Value

When you understand and can plan for the lifetime value (LTV) of a customer, you approach business completely differently.

“Only amateurs focus on the first sale. Give your customers a high return on their investment. This means deliver what you promised, at a fair price, and then over-deliver. Give them more than what they asked for. Add value to your product wherever value can be added. Stick behind your product, give support for your product, guarantee your product or their money back, and tack on some bonuses for buying your product.”

Professionals realize that the first sale is just the beginning. This is why big companies like Coca Cola can spend millions to advertise on TV — it is all calculated based on statistics and they know they will make it back later on. This is why GoDaddy can offer $0.99 promotions like this for the first year:

With this exclusive deal valid until 31 December 2020, you can get Economic Web Hosting through GoDaddy, including a free domain, for just $1 per month for a year.

This represents an 88 percent discount, and as well as your free domain, you will get 100 GB of storage, unmetered bandwidth and free business email with 10 GB of dedicated storage. You will also benefit from GoDaddy’s 24-hour security monitoring, and it takes just one-click to install a variety of essential applications such as WordPress, Joomla and Drupal. You can choose between a Linux or Windows hosting plan. Windows is the best option for a basic website for most small businesses.

GoDaddy is currently the largest domain registrar in the world, and they have developed a variety of tools to make building a website quick and easy on their platform, without the need for a lot of expert knowledge. This is ideal for small businesses looking to build attractive websites, but don’t need a lot of fancy features, such as online sales plug-ins.

While their opening deal of just $1 per month is one of the cheapest that you will find anywhere, with any provider, their standard monthly rate after the first year is on the medium to high side. However, for this price-tag you do get high reliability, good uptime, and fast and helpful customer service. Small businesses without an expert web team will find that even GoDaddy’s standard rate offers great value for money.

Even though I am not a fan of GoDaddy, their numbers speak their success:

As of April 2020, GoDaddy has approximately 18.5 million customers and over 7,000 employees worldwide.
Revenue: US$2.988 billion (2019) US$2.66 billion (2018) US$2.2319 billion (2017)
Net income: US$154 million (2017)

Realize that GoDaddy is using a subscription model, which is a huge factor because of the recurring revenue.

With a strong value ladder, you can afford to spend more money to acquire a customer and you won’t be limited by high advertising costs.

How To Break Even Using Value Ladders