It could cost you anywhere from 5x-25x more money to earn a new customer than to keep an existing one. With that in mind, it only stands to reason that you should do everything possible to keep your current customers.
Technology has made it easier than ever for businesses to process sales. Consumers are able to connect with brands via a variety of touch points like telephone, email, direct mail, social media, and website chat. But are those brands using each method to optimize their customer service experience?
We're living in the "age of the customer." It's a concept in which consumers are more empowered than ever before. They have access to an internet full of information about almost any of the products and services they desire—whenever they want it. So, it stands to reason that treating them as the most important part of your business is not only a good idea, it's essential to your success.
“Every company’s greatest assets are its customers, because without customers there is no company.” – Michael LeBoeuf
Acquiring a new customer can cost up to 25 times more than retaining an existing one. Increasing customer retention rates by just 5% can boost profits by up to 95%. Considering these statistics, it’s no wonder that the most successful companies make building customer loyalty a top priority.