3 Reasons to Retain Your Customers
Whatever business you run, the key to its success is customer retention. A company grows by maintaining a good relationship with its customers, retaining them, while working out on new strategies to get new ones. On an average, acquiring new customers cost almost five times in comparison to what you need to spend to maintain them. It is a financially wise decision to give more preference to retain your customers than getting new ones. Let us check out how customer retention helps businesses: Save Money As it is previously mentioned, you spend significantly more to acquire new customers than you do at retaining them. Since your customers are already familiar with your products/services, if you utilize your expenses more towards maintaining them, they are more likely to buy your products or avail your services. Word-of-Mouth Advertising No matter how much you spend on devising new marketing strategies, they may not be as effective as word-of-mouth advertising. If your customer...