Are You Focusing on Customer Retention Enough (Bronx, ID)

Are You Focusing on Customer Retention Enough

Increasing customer retention rates by 5% can increase profits by as much as 95% according to the Harvard Business Review.Take a moment to grasp how powerful this statistic is. Despite the fact that there is a massive opportunity to improve company profitability by placing an increased focus on customer engagement and loyalty many companies devote very little time and resources into keeping their existing customers happy and coming back for more. The lifetime value of one loyal customer can be extremely high when you take into account their purchases over the years.We all understand that customer acquisition and awareness building is vital to growth and should be prioritized. However it is time that customer retention is treated as an equally important initiative.Customer Retention is Downplayed (Source mashable.com 2014 07 22 customer-retention-acquisition )- 34% of those surveyed said they will increase their investment in acquisition in 2014 compared to only 18% heightening their focus on retention - 71% of content marketers said one of their main goals is acquisition while only 65% cited customer retention and loyalty - 31% of marketers feel that their personalization efforts had a high impact on awareness compared with only 24% on retention and loyalty s forexprofitideas.com high-performance-selling-review