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.