Discover how to effectively retain your members, leads, and customers!
The results of an online loyalty study published in Harvard Business Review reveal that for the typical business, a five-percent increase in customer retention translates to anywhere between a 25 and 95 percent increase in profits.
That’s the power of customer retention for you! But you don’t need Harvard Business Review to tell you that, do you? As the engaged owner of an online business, you are already aware how vital and critical customer retention is for business sustainability and profitability.
You may have witnessed first hand that customers you have retained successfully over the years: visit your website, blog, and e-commerce platform more often; shop at your online store more frequently; spend more than the average buyer during each purchase; and stay with you during relatively adverse times, such as increased prices or customer services glitches, as well.
They are your most loyal customers who patronize you, are more accepting of your business (ready to try new products or purchase costlier items), and more forgiving of your faults (ready to give you a second chance in case of faulty product or service delivery).
Far ahead of other happy customers, these people are your brand advocates, evangelists if you will, who promote your business to friends and family. There is significant dollar value to each of these advantages loyal customers provide you.
- Chapter 1 – Customer Retention
- Chapter 2 – Member Retention
- Chapter 3 – List Retention