{"id":7585,"date":"2023-06-29T15:46:53","date_gmt":"2023-06-29T15:46:53","guid":{"rendered":"https:\/\/smallbizcorp.com\/?p=7585"},"modified":"2023-06-29T15:57:44","modified_gmt":"2023-06-29T15:57:44","slug":"the-best-customer-retention-strategies","status":"publish","type":"post","link":"https:\/\/smallbizcorp.com\/the-best-customer-retention-strategies\/","title":{"rendered":"The Best Customer Retention Strategies"},"content":{"rendered":"\n
A loyal customer is always better than two new ones. We give you a rundown of how to ace customer retention strategies.<\/p>\n\n\n\n
Customers are the heart of any business. But does more mean better? Not necessarily. . Keeping existing customers results in a greater return on investment. In fact, it costs 5 to 25 times less to retain a returning customer rather than find a new one.<\/p>\n\n\n\n
As costs continue to rise, finding strategies to nurture a robust customer base is crucial. Loyal customers can be the key ingredient to keep a business healthy. To help you crack the customer retention code, we\u2019ll walk you through the concept, why it\u2019s so important and how to do it.<\/p>\n\n\n\n
Customer retention is a business metric used to determine customer loyalty over time and understand how successful you are at retaining customers. In short, you\u2019re measuring how good you are at stopping customers from taking their money elsewhere. Here\u2019s why it\u2019s so paramount to your business\u2019s health:<\/p>\n\n\n\n
Despite how important and simple it is to calculate your Customer Retention Rate, 44% of businesses<\/strong> fail to do it. There\u2019s no specific number of times you should be measuring it, but it\u2019s good to do it around times when you\u2019re launching new campaigns or products to understand your performance. Although having 100% customer retention rate is ideal, this isn\u2019t always realistic and varies by industry. For instance, retail has an average customer retention rate of 63% whereas insurance has an average 83% retention rate.<\/p>\n\n\n\n Here\u2019s what to do to calculate your customer retention rate.<\/p>\n\n\n\n