“Every company’s greatest assets are its customers, because without customers there is no company.”
– Michael LeBoeuf
Acquiring a new customer can cost up to 25 times more than retaining an existing one. Increasing customer retention rates by just 5% can boost profits by up to 95%. Considering these statistics, it’s no wonder that the most successful companies make building customer loyalty a top priority.
Offering high quality products and services at competitive prices isn’t enough. In order to improve customer retention rates, business leaders need innovative strategies. Are you looking for ways to breathe new life into your customer retention efforts? Gain some inspiration from these loyalty building methods.
Build Trust to Raise Retention Rates
Trust is powerful. Not only will 82% of customers stick with a brand they trust—83% of them will recommend that brand to their friends. But building trust isn’t a one-step process. Establishing and maintaining a trustworthy image takes time and effort. Here are a few ways to earn and keep the trust of consumers:
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