The Ultimate Guide to Innovative Customer Retention Strategies: A Workbook that Teaches How to Create Customers for Life to Improve Profitability

By Nat Chiaffarano

The development of innovative customer retention strategies is important for the following reasons:According to Bain and Company, just a 5% increase in customer retention can increase a company's profitability by 75%.According to Marketing Metrics the probability of selling a product to existing customers is around 60 to 70%, while the probability of selling to a new customer is only 5% to 20%. According to Lee Resource Inc., attracting new customers will cost a company 5 to 6 times more than keeping an existing customer. Gartner Group statistics tell us that 80% of a company's future revenue will come from just 20% of their existing customers.Research shows 50 percent of consumers have increased their spending or changed purchasing behavior in order to achieve a higher status within a loyalty program.The average business loses around 20 percent of its customers annually simply by failing to attend to customer relationships.

• Format: Paperback
• Language: English
• ISBN: 1980744211
• ISBN13: 9781980744214
• Release Date: April 2018
• Publisher: Independently published
• Length: 37 Pages
• Weight: 0.33 lbs.
• Dimensions: 11.0" x 0.1" x 8.5"