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How to Improve Customer Retention and Increase Profits

How to Improve Customer Retention and Increase Profits

A recent Small Business Trends article contains the following statistics in relation to customer retention:

“The probability of selling to an existing customer is 60-70 percent. The probability of selling to a new prospect is 5-20 percent. 80 percent of your future profits will come from just 20 percent of your existing customers.”

The first states that the likelihood of selling to an existing customer is much higher than that of selling to a new customer. Moreover, the majority of your profits will come from those sales.

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4 Tips to Improve Your Customer Retention Now

4 Tips to Improve Your Customer Retention Now

Improving your customer retention is typically considered a long-term goal, but there are a few things you can do to get started with it immediately. If you’re looking to improve your customer retention over the next few weeks, then try out these tips:

Develop customer loyalty by creating more interactions

Customer loyalty is the biggest determinant of customer retention. Loyal customers will come back to your business because they like your product, your service, and your values.

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3 Ways to Improve Customer Retention in the Short-Run and Long-Run

3 Ways to Improve Customer Retention in the Short-Run and Long-Run

Dwindling customer retention numbers represent consequences that no business wants to face. Although customer loyalty is essential for long-term business growth, many companies remain fixated on short-term indicators, like search engine site rankings and domain authorities. While still important, these factors don’t have the same influence on your business’ health like your customer retention does.

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