For a majority of businesses it costs far more to acquire a new customer than to retain an existing one - depending on your industry it can cost anywhere from 5 to 25 times more to acquire a new customer than to nurture and maintain existing relationships. Therefore it's vitally important to ensure the hard-fought customers you have acquired stay with you for as long as possible.
Most of the time businesses miss out on engaging their customers to drive retention in this way for one of two reasons;
- They don't have the time or resources to do it well, or when they do, they're unable to make this a consistent process.
- They don't appreciate the value of personally engaging with their customers in order to drive higher retention and customer satisfaction.