Infographic: The path to customer retentionby
Customer retention is vital for businesses to remain successful and profitable - according to Gartner, 80% of your future profits will come from 20% of your customers. Implementing and following a customer retention strategy is therefore of critical importance - and is becoming even more urgent as consumers are becoming less loyal.
Customers are essential for a business to succeed and retaining those customers is vital. Not only does it cost five times more to find a new customer than to keep an existing one, but a study by Bain & Company found increasing customer retention by 5% can increase profits by up to 95%.
Businesses who wish to succeed must stand out and set the standards within their market in order to remain ahead of the competition. This requires insight into what your customers want and need – a goal that is continually moving. The process of customer retention is therefore a continuous cycle.
With customer retention key to sustainable growth, DMC Software has produced the following infographic. Here are the steps you can take to ensure you stay on ‘the path to customer retention’…
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.