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Why does customer rentention matters in a Business?

Here we have discussed some points which proves that customer retention is really important in a Business and also how you can have a retain them using a best eCommerce Loyalty Program.

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Why does customer rentention matters in a Business?

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  1. Why does Customer Retention matter in a Business?

  2. Introduction Business growth depends on acquiring customers and keeping them around for a long time. Let's discuss why businesses need to increase their focus on customer retention efforts and why they are imperative to their customer acquisition efforts. Here are four reasons why customer retention matter in business:

  3. Increase Revenue How? Because existing customers are easier to sell to. In fact, the likelihood of converting an existing customer to buy again is 60-70% while the likelihood of converting a new prospect to buy is only 5-20%. • Decrease Costs The cost of running a business is an important ingredient to consider when determining your customer acquisition and retention plans. And. it has been proved that it costs 5 to 10 times more to acquire a new customer than it takes to keep an existing one.

  4. Improve Marketing Your retention efforts not only produce revenue that you can direct at your acquisition efforts, but they can also give you a lot of insights to improve your marketing efforts to acquire new customers. • Improve the Onboarding Process The onboarding process is one in which new customers acquire the knowledge, skills, and behaviors to optimize the value they receive from your solutions. By summarizing and analyzing the data of your existing customers, you can understand the reasons why customers churned during the on-boarding process. This insight can be used to improve the onboarding process for your newly acquired customers.

  5. Get In Touch With Us: CheerMe is the leading tier-based loyalty program provider, which helps businesses to build an emotional connection with customers through surprise and delight. With our customer loyalty program solution, you can gift exclusive points to your customers for on-site or in-app actions including, signing up, placing an order, etc. and these points can be redeemed by the customers in the form of discount or coupons on their next purchase. Thus, CheerMe can encourage your customers to shop more from your online store and give them a reason to stick to your brand. CONTACT US • Email:connect@cheerme.io • Phone: +91-8264829512 • Website: cheerme.io/

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