Three Examples of Why Customer Retention is Essential to Businesses

Customer retention is valuable in more ways than you might initially expect. In fact, the cost of retaining a customer is up to seven times less than acquiring a new one. Moreover, repeat customers spend on average 33% more than new customers!

So whilst many companies are borderline obsessed with spending increasing amounts of time and budget dedicated to the acquisition of new customers, retaining customers is where you should really be focusing your efforts. 

Topics: customer retention

Top Five Customer Retention Strategies for Retail

Marketers, you should stop acquiring new customers.

Yes, that’s right! It might sound counter-productive, but it’s true.

The facts tell us that it’s becoming increasingly important for marketers to focus less on customer acquisition and more on selling to existing customers. After all, attracting a new customer can cost five times as much as retaining an existing customer.

Topics: customer retention

Customer Loyalty: What Is It & How Do You Improve It?

Gone are the days when a customer used to be loyal to a brand by default. The abundance of choice in today’s world, the increased competition from digital disruptors like Amazon and eBay, and the accessibility of reviews and third party recommendations all make building a customer loyalty strategy more difficult than ever.

Topics: customer loyalty customer retention Customer Data Platform