If you’re reading this post, you’re reading it because you want to understand what every marketer needs to know about customer retention.
And why wouldn’t you?—After all, the best way for any brand to grow isn’t through new customer acquisition, but through current customer retention.
How can you be sure?—Well, you don’t need to take our word for it. An article published in the Harvard Business Review pointed out that acquiring a new customer can be 5X to 25X more expensive than retaining a current customer.
So, what’s the key to customer loyalty and retention?
In most instances, it’s as simple as providing people with a pleasant customer experience. As a matter of fact, by providing a great customer experience, a brand can entice some consumers to spend as much as 21% more on their products and services.
For that reason, marketers across industries are doing everything they can—from offering website personalization to planning for life without cookies—to improve the customer experience in an effort to keep people happy and brand loyal.
With all of that said, here’s what every marketer needs to know about customer retention …