Customer retention strategy is profitable

Keeping customers is profitable. On the one hand, it’s 10 times cheaper than creating new ones, and on the other hand, you can retain a dozen customers for the amount that you need to spend on creating one client. This means that if you manage customers, and not create them to replace the departed, you can free up money for something else. If you know how to retain customers, then you do not need to search for new customers.

For example, money can go to purchase new equipment or to finance a staff motivation system, which will positively affect the overall level of competitiveness of both the business and its products or services. Continue reading →