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Businesses spend much of their time trying to bring new customers on board. So much time, in fact, that many forget about their easiest and most valuable source of revenue: repeat customers. Yet the essential truth is that customers who stay for longer spend more.
How valuable is this insight? In fact, Bain & Company, working with Harvard Business School, found that increasing customer retention rates by 5 percent increases profits by 25 to 95 percent. And the Journal of Marketing has reported that a referred customer is 18 percent more loyal than a customer acquired through a different method.
Other benefits of retaining customers for longer include:
Delivering experiences that make your customers feel valued and appreciated is a great way to gain repeat, loyal customers. Here are a few ideas for increasing retention:
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