9 articles with this tag
Since 80% of your future profits come from 20% of existing clients, customer retention is critical. These ten strategies include being accessible, emphasizing convenience, staying proactive, surveying customers, and rewarding loyalty to keep customers coming back.
Customer loyalty impacts bottom line more than most executives realize. Research reveals surprising gaps in how companies measure and prioritize loyalty versus acquisition, despite data showing loyal customers increase profits by twenty-five to ninety-five percent and drive future revenue growth.
Customer referrals drive 20-50% of all purchasing decisions and can increase market share by 10% or reduce it by 20% over two years. Referred customers close larger sales, create positive expectations, and breed exponential growth as each referral generates more referrals. Word-of-mouth marketing remains the most effective sales channel.