Customer and client retention is often regarded as one of the most important aspects of business development. A business that doesn't have strong customer retention will likely be unable to thrive and grow. In fact, a new study has shown that it costs six times more to acquire new customers than it does to retain existing customers. A company with a low retention rate will spend more time and money developing acquisition, when studies have shown that returning clients tend to spend 67 percent more than new customers would anyway.
While many business owners might worry about their abilities to maintain a good client or customer base, Booker CEO Josh McCarter suggests that business owners need not worry so much, as business retention plans can often be developed by data that business owners already have. According to McCarter, here are three easily accessible options to help businesses grow their retention:
Membership Programs - 81 percent of consumers say that programs make them more likely to continue doing business with brands. Find out what features are most appealing to customers and how to best leverage them.