A red hot strategy to grow your business is customer retention. This is the new growth area because 80% of your company’s future revenue will come from just 20% of your existing customers.
Yet the majority of businesses are not delivering that superior customer experience, even though consumers are willing to pay more for your product to obtain it.
The benefits of an active customer retention strategy are obvious and compelling. In summary:
1. That’s what your customers want.
2. Your profits are increased substantially.
3. It’s a key brand differentiator where customer experience will overtake price.
For it to be successful, a customer retention strategy needs to be adopted at all touch points with the consumer. And it has to be consistently superior.
Customer retention shouldn’t be just a cog in the wheel of marketing. It should be front and center.