While many business owners rightly channel all
their efforts into roping in new customers, very few of them take customer retention seriously. However, customer acquisition can be 5 times more
expensive than customer retention.
Let us have a look at some effective ways you can
improve customer retention and loyalty -
• Delight loyal
customers with rewards and offers
• Send
personalized follow-up messages
• Analyze
customer purchase pattern and behavior to identify customers who are at a risk
for leaving, and make suitable offers to prevent them from doing so
• Take customer
feedback and act on it seriously
• Invest in CRM
tools for improved customer service
As your existing customers are more likely to
purchase from you than new ones, it is of paramount importance that you take
steps to retain them. Customer retention, combined with customer acquisition
can greatly increase your profits.
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