How client retention can positively impact growth?
by Prodigy
on Aug 07, 2019
Did you know that it costs 6 times as much to attract a new customer, than to keep an existing one?
Yet we find ourselves putting new marketing plans to find new customers instead of nurturing the ones we already have.
“It is a well-established fact that 44% of companies have a greater focus on customer acquisition vs. 18% that focus on retention”
Khalid Saleh
In business, keeping the right customers is valuable. Retaining customers and building a loyal relationship with them is a primary rule to avoid customer acquisition costs. Instead of spending your resources on finding new clients, you just need to keep the one you retained happy.
A research done by Frederick Reichheld of Bain & Company shows that increasing customer retention rates by 5% increases profits by 25% to 95%. Prodigy, a customer experience design & management consulting company, helps you create the desired customer experience, automate strategies to retain your customers and attract new clients. Prodigy can simply help you see success in multiple ways:
- Stay in touch with your current customer base.
- Maintain a professional appearance all the way to the social media accounts and beyond.
- Get more referrals sent your way
Customer retention marketing is essential to the success and growth of your business, Prodigy can help you stay in touch!
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