Contrary to popular belief gaining new customers is not the only way to increase business revenue in fact studies show it may not even be the best way. It will cost you six to seven times more money to acquire a new customer than to retain an old one showing that customer retention is a must for a profitable business. In the sales business side of things repeat customers are also more likely to spend more than new customers. Showing that retention is a must.
- If you increase your retention rates by 5%, you can increase your profits from 25-95%.
- In one study, loyal customers generated more than six times the revenue amount compared to new customers.
- Use your blog content to hook more readers and keep them interested in your brand.
“In fact, it will cost you six to seven times more money to acquire a new customer than it will to retain an existing one.”