Acquiring new customers is certainly alluring. However, to maximize revenue, you must make your existing customers keep coming back. Many businesses forget to focus on the fact that the real business value lies in customer retention, not just customer acquisition. In fact, nearly 44% of organizations give importance to customer acquisition, whereas only 18% of businesses focus on customer retention.
One of the biggest benefits of customer retention is earning customer loyalty. A loyal customer refers a brand to their friends and family, which in turn amplifies a brand’s marketing and reduces the business expenses on customer acquisition.