For you to Survive and Thrive in Today's Fast-paced, Digital World, you
must truly know what your customers want ...
AND Give it to Them!
Customer retention holds the key to long-term growth and profitability. Although it is always important to recruit new customers, the cost of new customer acquisition stands much higher than the cost keeping the customers you have. Here are some facts:
- A 2014 Olin School of Business study predicted 40% of Fortune 500 companies would find themselves out of business in 10 years.
- Forbes Magazine reported that the number one reason businesses fail is because they lose touch with what the customer wants and thinks—which means they lose customers and ultimately, their companies.
- Harvard Business School researchers estimate that the costs of acquiring a customer stand at 5 to 25 times the costs of retention—and they also point out that a mere 5% increase in customer retention can increase your profits anywhere from 5% to 95%.
- Becoming a customer-centric organization can differentiate your company in the marketplace to increase sales and profitability, ensuring a long, prosperous future for your company.
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Use These Seven Strategies to Increase Customer Retention and Boost Your Profits Today!