How much time, money and energy do your brand spend on retaining customers? Very little, right. Most businesses divert all their attention to acquiring new customers because they believe that their business can thrive by getting more new customers. Although, there is nothing wrong with this approach what’s wrong is that they do so at the expense of existing customers, who are ignored.
Brands don’t realize that it is more difficult and costly to acquire new customers than retain old ones. Even those businesses who understand the value of retaining old customers, don’t know the essence of customer retention which is why they tend to struggle with customer retention.
In this infographic by top web design Dubai company, you will learn about four key pillars of customer retention that your business should hold on to.
Acquiring new customers is 5X more expensive than retaining existing customers
It is 16 times more expensive to build a long-term relationship with a new customer
Businesses lose 1.6 trillion every year when customers move away from them
Older customers are 60% more likely to make at least one more purchase.
Loyal customers are 5X as likely to repurchase, 5X as likely to forgive, 4X as likely to refer, and 7X as likely to try a new offering
Struggling to retain your existing customers? Here are four pillars of customer retention your business should focus on.
Know who your customers are and what they want through audience analytics. This will help you make data-driven decisions and enhance the customer experience.
Send customized messages based on user behavior, interests, location and demographics to achieve the best results.
Keep your target audience hooked with interactive communication, take feedback, solve their problems and focus on building a long-term relationship.
Users demand personalized experiences. Delight customers and turn them into brand advocates by delivering a personalized experience.
Courtesy of: Branex