Customer Retention through CRM
It is said that acquiring a new customer is almost 16 times more expensive than retaining an existing one to whom you can cross sell and up-sell. According to a survey by SAS and Loyalty360, 68% of the business comes from existing clients.This makes customer retention incredibly important to sustain and grow. Customer Retention is not only less exhaustive than customer acquisition but also builds royalty and lifetime value of customers.
However, with customer expectations at all-time highs and brand loyalty at risk from market pressure and competition, businesses must come up with new strategies to keep their valuable customers coming back.
Lets have a look at how can we improve customer retention.