The case for customer retention is usually framed as a negative: that acquiring a new customer is six to seven times more expensive than retaining an existing one. However, there’s also a strong positive case for keeping customers satisfied: 78% of happy customers are willing to tell their friends and family about a business, and customers in their third year shopping at a business spend 67% more than they did in their first.
Retailers can retain customers by making an emotional connection with them: 64% of customers list shared values as the biggest factor behind brand loyalty. It’s also a good idea to ramp up customer service: three out of five consumers will switch brands to get a better customer experience, and 86% will pay more. Learn more effective customer retention techniques in this infographic from SpotOn.
Source: SpotOn.
