Why retaining more customers can lead your company to super stardom -

and 5 easy steps to getting the retention engine started

Acquiring new customers demands a lot of money and time

New customer Existing Customer

Acquisition Cost

Probability of conversion

Return Customers Spend 2/3 Times More Than New Customers

New customer Existing Customer

A Second-Time Customer Refers an Average of 3 People

Existing Customer New Customers

Now that we know why customer retention is important, develop a

measurable customer retention strategy with these 5 best practices

1. Calculate your company’s customer retention rate

Retention Rate = ((CE-CN)/CS)) X 100CE = number of customers at the end of periodCN = number of new customers acquired during periodCS = number of customers at start of period

2. Understand why your customers are leaving

Ask an open-ended question to understand what worried your customer the most.

Reward customers for their feedback

Why?

3. Tweak your product or service based on the customer’s feedback

For every customer who bothers to complain, 26 other customers remain silent. So, make every feedback count.

4. Evaluate your Loyalty program

75% of consumers say loyalty programs are part of their relationship with brands.

57% of members want to engage with loyalty programs on a mobile device

Loyalty Card

Reward points

5. Build a powerful relationship with your customer

Customers stay with businesses that they feel they are cared for

Vtiger lets your customer facing teams provide a personal touch to every customer interaction, understand their needs in advance, and help in time.

This in turn builds trust in customers which eventually turns into a healthy relationship.

Sign up for a free trial to explore Vtiger today.