According to research conducted by Bain & Company, “Increasing customer retention rates by a mere 5% could increase profits by 25% to 95%. That number seems high, but according to Bain research, the cost of acquiring a new customer can be significantly higher than working to retain a customer. Often, the study says, by as much as an eyebrow-raising 500%.
Those numbers should blow your mind. But even if your reality is half that, it’s still a no-brainer that customer retention is one ...Continue Reading →