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Five Ways to Increase Customer Retention

While attracting new customers is important, don’t forget your existing customers and their lifetime value. Your level of profitability depends on your ability to maintain your existing customer base using a long-term approach.

In the following article, Emily Heaslip at ClickTime, outlines five steps you can take to increase customer retention.

5 Ways to Increase Customer Retention

Depending on who you ask, retaining customers is either valuable — or really, really valuable. By some estimates, a repeat customer is the equivalent of striking gold. One study found that increasing customer retention rates by 5% increased a business’ profit by 25% to 95%. On the other hand, the cost of acquiring a new customer can be steep: anywhere from five to 25 times more expensive than the cost of retaining an existing one. Read the full article here.

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