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What is essential for you to know as a business owner? |
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In today's global, competitive marketplace, choice is abundant and customers have more control and purchasing intelligence. Consequently, businesses must be intelligent about their markets and customers, and more aggressive than ever in their efforts to retain them.
And why is there so much emphasis on retention? Because retained customers are loyal, which means they spend more with you and advocate your brand. Growing loyalty among the right customers means increased profitability for your business.
Frederick Reichheld, author of the best-selling book The Loyalty Effect, argues that loyalty is still the fuel that drives financial success - it is the ability to build strong bonds of loyalty - not short-term profits - that has become the "acid test" of leadership.
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Repeat customers spend 33% more than new customers |
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Referrals among repeat customers are 107% greater than
non-customers |
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It costs six times more to sell something to a prospect than to sell that same thing to an existing customer |
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-- Laura Lake, Marketing Consultant |
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