The statistics don’t lie: customer retention is the key to the ongoing success of your company. No matter how many new customers you acquire, it’s difficult to make up for losing your existing base. Our latest infographic covers the many reasons why retention matters and shows you how to start improving retention in your business.
Some of the key benefits of customer retention for your business include
- Savings: It can cost you 5x more to acquire a new customer than to keep an existing one.
- Spending: Your repeat customers are likely to spend 67% more than your new customers.
- Profitability: Increasing customer retention by 5% can increase your company’s profitability by 75%
To achieve these benefits, you’ll need to put in place a comprehensive customer retention program. Fortunately, our infographic is designed to help you get started with this, covering all of the basic elements you need to establish your program:
- The key customer retention metrics to track
- How to differentiate between voluntary and involuntary churn
- Ways to encourage automatic renewals and optimize the renewal process
- Strategies for engaging with customers
- Using smart payment tools to reduce involuntary churn
For even more tips and the full picture of customer retention, check the infographic: