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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Neil Davey is the managing editor of MyCustomer. An experienced business journalist and editor, Neil has worked on a variety of newspapers, magazines and websites over the past 20 years, including Internet Works, CXO magazine and Business Management. He joined MyCustomer in 2007.
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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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