课程: Customer Service for Any Sector: Tips from a Hospitality Expert

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Why is customer retention important?

Why is customer retention important?

课程: Customer Service for Any Sector: Tips from a Hospitality Expert

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Why is customer retention important?

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- You've probably heard it countless times before. It costs more to acquire new customers than it does to retain existing ones. Customer retention plays a vital role in ensuring long-term business success. By prioritizing your current customers and focusing on their satisfaction and loyalty, you can foster long-term relationships, boost profitability, and maintain a competitive edge in the marketplace. Did you know that just a 5% increase in customer retention can lead to a whopping 25% boost in profits? How does that happen? Well, loyal customers share their positive experiences with others, recommending your company and attracting new people to your business. Also, when customers purchase from the same company again and again, they tend to spend more money over time. 10% of loyal customers spend more per purchase compared to the other 90%. Because they believe in the quality you deliver, they don't hesitate to try other…

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