Why is customer retention important?
70% of companies say it’s cheaper to retain a customer than acquire a new one. The old rule of thumb says it costs 5 times more to acquire a new customer than it did to retain one.
Engaged consumers buy 90% more frequently, spend 60% more per transaction, and are five times more likely to indicate it is the only brand they would purchase in the future.
Doing the right thing at the right time can help retain customers.
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