The Ultimate Guide to Customer Retention
There’s an old adage in retail: “It takes months to find a customer and only seconds to lose one.”Study after study has shown that the act of building a loyal customer base is one of the most effective drivers of a business’s growth. However, many companies have failed to recognize the importance and instead prioritize the perpetual pursuit of new customers.The practice of customer acquisition can be highly expensive and often offers a paltry return on investment. In fact, did you know that acquiring a new customer can cost six to seven times more than retaining an existing customer? What’s more, loyal customers offer a significant return on investment with a mere increase of 5 percent proven to result in a profit boost of anywhere between 25 – 95 percent!Customer retention not...
