Did you know it costs five to 25 times more money to recruit new customers than it does to keep your current ones? That's just the beginning when it comes to impressive retention marketing statistics. When you increase your customer retention rates by just 5%, you can boost your profits between 25% and 95%. Now that's a powerful incentive to focus on your retention marketing strategy. Some might even say that customer retention is the new marketing.
You've probably heard the retention marketing adage:
It costs more to acquire a new customer than it does to keep a current one.
Well, it's not just an adage. It's a researched fact. The figures fluctuate between five and 25 percent according to the Harvard Business Review, but just about everyone agrees it's an important element for any business.