Customer Retention Strategies -7 Tips To Increase Lifetime Value in business
Автор: Abraham Orukpe - The Business Consultant
Загружено: 2022-06-06
Просмотров: 587
Customer Retention Strategies -7 Tips To Increase Lifetime Value. In this session of business clinic i will be sharing more insight into 7 handson key strategies of how to increase your customer retention in your business.
In the context of relationship marketing, "customer retention" refers to the act of encouraging a company's already-existing customers to continue purchasing the business's products and services. It is distinct from the creation of leads or the acquisition of customers due to the fact that the customers has previously been converted at least once.
You may have heard that retaining customers is simpler and less costly than acquiring new ones. This is a true statement. The most current data point to the fact that this statement is accurate. One benefit is that your costs for maintaining existing customers will be cut down by your five times spending to acquire new once.
In addition, the likelihood of making a sale to an established customer is, at the very least, forty percent higher than the likelihood of making a sale to someone who has never purchased anything from you in the past.
Existing customers spend 31% more than new leads, and they're 50% more likely to try a new product or service from you.
What you sell has a significant bearing on the approach that you should be focusing on. A shop that sells tea and coffee is going to be quite different from a business that specializes in high-end leather furnishings.
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