Retaining customers is imperative for businesses to remain successful and profitable. According to Gartner, 80% of your future profits will come from 20% of your customers – It is therefore important to implement and follow a customer retention strategy.
Customers are essential for a business to succeed and retaining those customers is vital. Not only does it cost five times more to find a new customer than to keep an existing one, but a study by Bain & Company found increasing customer retention by 5% can increase profits by up to 95%. Businesses who wish to succeed must stand out and set the standards within their market in order to remain ahead of the competition. This requires insight into what your customers want and need – a goal that is continually moving. The process of customer retention is therefore a continuous cycle.
Customer retention is key to sustainable growth, which is why we’ve produced the following infographic. Here are the steps you can take to ensure you stay on ‘the path to customer retention’.