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Customer retention is a major focus for a lot of big companies these days as they have started working on ways to serve their existing customers better.   This not only helps their public image, but also increases their revenue. Forming a new sales campaign based on this data gives you back revenues of up to seven times greater than the cost to acquire it. This is because when you sell to clients with whom you have already built a relationship, you are investing in an efficient way to grow your business as these clients or customers won’t need to be re-educated about your products and services while at the same time, they may attract their circle of people to your brand. Customer retention severely reduces advertisement and marketing costs while at the same time, giving the same output in the above fields. A brand that makes client retention it’s primary objective and topic of focus can see an efficient and maybe even exponential rise in their annual revenue, since this in...

Across many industries, effective campaigns for increasing the loyalty of your existing customers can also generate better repeat sales for your business. This can also drive up your customer acquisition results because many of your loyal customers are likely to recommend your brand and mention your offers to their peers. However, the right customer retention management tools can significantly reduce overheads and provide better data for your analytics and campaign improvement processes. Here are the main reasons how and why these technologies can improve your customer retention programs: How Can the Right Customer Retention Management Tools Help Your Business? First, an effective customer management tool can automate manual processes for gathering relevant data from your existing customer base. This means you'll be able to optimize the utility of your workforces without the need to hire more employees. This tool can automatically gather relevant data from the things t...

Across subscription-based businesses, the B2C (business to consumer) market has higher churn rates than the B2B (business to business) market. This is across several industries, according to recent relevant studies. A primary reason behind this is that retail industries tend to consist of more impulsive purchases, as opposed to B2B markets that generally consist of more complex setup processes. This makes it difficult for B2B buyers to pull out from a subscription deal, so a lot of thought is put into the initial decision of signing up for an offer. However, industry players in both markets will still benefit from implementing cost-effective customer retention programs into their front and back end processes. So, which industries have the highest churn rates for the past few years? We've compiled the list below for your reference. Now, let's find out! Top Industries Requiring Cost-Effective Customer Retention Programs Due to High Churn Rates First, the MLM (mul...

You might have learned and generated optimum results for your business when you started to implement marketing techniques and sales tactics similar to those that leading automotive brands have been doing for the past few years. That's good, since you've probably nailed customer acquisition down to a science by now. However, are you integrating the right customer retention strategies into your business operations? Did you know that a business generally spends 600 to 1,000% more to acquire a new customer than to generate repeat sales from an existing one? And, have you heard about recent studies indicating that, on average, it's 60 to 70% more likely for small businesses and even established brands to convert their existing customers into repeat buyers, than it is to convert targeted prospects into new customers? This is where a set of optimized customer retention strategies can significantly help the bottom-line results of your automotive business. To help you...