
Beating the Competition through Customer Retention
For a very long time, growth has been the emphasis of most businesses, with strategies constantly being put into force with the sole purpose of adding more new customers and widening the range of appeal. However, businesses are now coming around to the fact that retaining customers is just as important as finding new ones, if not more so. There will come a time in a business’s lifespan when seeking new customers and growth becomes very important, but retention is what drives revenue. It was found that money pumped into marketing excursions to gain a new customer can cost five times more than it does to retain a customer. Further, a five percent increase in customer retention can then increase profits by 25 percent and up. To get ahead of the competition, especially in such an open ma...



















