In business, it is important to be able to not only attract new customers, but also retain old ones. This is the key to stable development and increased profits. Often, retaining current customers brings more profit to a company than attracting new ones.
In this article, we will look at why repeat customers are so important and what strategies help to retain their interest. We will consider customer retention methods and tools that will help your business both retain valuable customers and develop long-term and mutually beneficial relationships with them.
Why is it important for companies to retain customers for the long term?
There are a number of compelling reasons why it is more profitable pakistan phone number list for a business to retain customers than to search for new ones. The Small Business Trends portal cites the following statistics in its study “Customer Retention Statistics”:
- Up to 65% of a company’s profits often come from repeat customers.
- Regular customers have a 60-70% chance of making methods of disabling there are several available ways to disable a repeat purchase, while new customers have only a 5-20% chance of making a repeat purchase.
- The cost of retaining existing customers is on average 5 times lower than attracting new ones.
- Loyal customers spend on average 67% more than new ones.
A client who has already used your services
Satisfied will most likely return and recommend your company philippines numbers to their friends. This is due to the peculiarities of human psychology: people tend to stick to proven options, thereby minimizing the costs of searching for new ones.
Customer loyalty also creates a significant competitive advantage. For example, fans of a particular brand rarely switch to competitors, even if products are identical in functionality and more affordable.
In addition, attracting new customers requires significant investment and resources: from product packaging and promotion to large-scale advertising campaigns. All these efforts are aimed at attracting attention and creating initial interest. However, if a company is unable to effectively work with its existing customer base, efforts to attract new customers may be in vain.
