Be sure to include customer retention in your marketing program!
One of my favorite marketing resources posted a resonating article about customer retention. It’s packed full of great information, but I want to highlight a specific section on the importance of this topic as a marketing objective:
- Acquiring a new customer is anywhere from 5 to 25 times more expensive than retaining an existing one.
- Keeping a paying customer is easier than finding, convincing and converting new ones.
- It costs 6 – 7 times more to acquire a new customer than to keep existing ones.
- Increasing customer retention rates by 5% increases profits by 25% to 95%.
The takeaway? There’s value in keeping the right customers. Read the complete post to gain invaluable insight on the value of customer retention.
Today’s Marketing Minute is brought to you by Sara Cousins, Mighty Spark Design.
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