This is the fine art of retention — and the Pareto Principle states that 80% of business comes from only 20% of customers.
It’s an important concept to grasp!
Along with stats that suggest it costs to 7x more to gain a new customer than keeping a current one, maximizing your retention rate should be at the very top of your business strategy.
Gaining new customers is hard work. Keep those you have happy.
You may also find that as an indirect result, you actually continue to acquire fresh business purely through word of mouth (WoM) marketing.
Here Sam Hurley shows you 7 super-simple, actionable hacks to increase your customer loyalty — solely by enhancing your customer service / support approach.