Why Customers Retention Should Be Your Business Priority

“Revolve your world around the customer and more customers will revolve around you” — Heather Williams

Although it’s common to have businesses target 80% of their marketing efforts toward acquiring new customers, existing customers contribute significantly to your business revenue. Newly acquired customers may do a one-off transaction and move on to your competitors if you’re doing nothing to retain them. It’s like a metaphor of pouring water into a leaky bucket, the water gets drained and what is left is an empty bucket. The same principle applies to the strategy of customer acquisition and retention.

Revenue Increase

Statistics have also shown that increasing customer retention by 5% consequently leads to an increase in profit by 25% to 95%. This drastic margin suggests why customer retention is a big deal and should direct your marketing focus. ThankUCash is tailored for 360-degree retention of both your newly acquired customers and existing customers.

Customer Experience

Knowing this, it makes sense to say that virtually every business needs a solution that caters for both its new and existing customers. With ThankUCash, customer acquisition is enhanced by providing extra value for your prospects through cashback. Impressive customer experience has proven to be vital to customer retention. What will make a first-time customer remember you after he/she leaves your store today? Rewards are a great way to create a lasting and positive impression of your brand.

Customer Data

Customer data are critical when making informed business decisions. A lot of businesses design products and services their targeted prospects never needed. This puzzle is solved using relevant customer data. The next question is to get these data. According to research, 76% of consumers will not hand over personal data unless such business has a proper loyalty scheme. What this implies is that in an attempt to retain your one-time customers through rewards, such customers readily provide you with data that can be leveraged for business intelligence.

Now that you know why customer retention is important to your business, sign up on ThankUCash today and get actively involved in retaining your customers. Your bottom line will be glad you did.