The value of customer retention
How important is customer retention? Here are a few statistics you might be interested in.
- According to Bain and Company, a 5% increase in customer retention can increase a company’s profitability by 75%!
- Gartner Group statistics tell us that 80% of your company’s future revenue will come from just 20% of your existing customers.
- According to Marketing Metrics it’s far easier to (about 50% easier) sell to existing customers than to brand new prospects.
Still have doubts whether customer retention is something to put your minds to?
Bain and Company also report that attracting new customers will cost your company 6-7 times more than keeping an existing customer!
Personalizing your follow-ups with existing customers is one of the unique ways you can implement to increase customer retention. Getting to know your customers and connecting with them on a personal level builds loyalty. The Be Nice Smartphone App is a useful tool that will help you connect better with your customers and increase your customer retention rate.
Read the full article – 5 Unique Ways To Increase Customer Retention.
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