Businesses today have realized that the best way to grow is not by finding new customers, but by retaining the existing ones. In fact, acquiring a new customer can be 5-25x more expensive than retaining a current customer.
Customer loyalty mostly comes from a pleasant customer experience. Millennials are even willing to spend up to 21% more with companies for great service. As a result, marketers in across organizations are actively working to improve the customer experience and satisfy their consumers. To achieve that, marketers follow a few popular strategies such as Personalization. We discuss these strategies — along with interesting statistics — in our following infographic: