The Battle for Customer Retention: A Competitive Analysis
The Importance of Customer Retention In today’s competitive business landscape, customer retention has become a top priority for companies of all sizes. With the cost of acquiring a new customer being 5-7 times higher than retaining an existing one, it’s no wonder that businesses are focusing on building strong relationships with their customers. In fact, a study by Bain & Company found that a mere 5% increase in customer retention can lead to a 25-95% increase in profits. ...