A common stat rattled off by marketing experts is the fact that it costs five times as much to attract a new customer, than to keep an existing one. A compelling case for investing in customer retention.
With that in mind, this infographic from Invesp examines customer retention in more detail, and demonstrates why the figures stack up in favour of investing more in retention.
[Click to enlarge]
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After two decades of experience working as a journalist and editor covering business and technology, including over 15 years as editor of MyCustomer, Neil now works as senior content manager at skills-based workforce management platform provider Spotted Zebra. ...
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The stats are interesting, though don't much capture what's invested in improving the customer experience. For existing customers, businesses place effort into delivering good products and services. And, in the end, that may be the best way to "market" to that group.
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