Summary
Harness the Power of Customer Retention: Proven Strategies and Insights from 2019
In the evolving business landscape, retaining customers has become a key strategy for sustainable growth. Recent studies highlight that nurturing existing customer is significantly more cost-effective than acquiring new ones.
This report delves into the efforts and strategies employed by businesses to retain their customer base. By understanding these dynamics, organizations can better shape their customer retention programs to foster loyalty and drive revenue growth.
Key Insights:
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98% of companies employ customer support as a primary tactic for customer retention.
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87% of businesses develop strategies to retain customers who contribute significantly to their revenue.
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82% of organizations report increased revenue following the implementation of customer retention programs.
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75% of respondents find it easier to upsell or cross-sell to loyal customers compared to new ones.
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56% of companies cite measuring customer loyalty as the biggest challenge in loyalty programs.
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