Customer retention is really important when it comes to business success. Retaining customers can save brands time, increase revenue, and even help their business grow. In this article, we look at the most important customer retention statistics that explain why.
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Why Is Customer Retention Important?
Customer retention is one of the most important activities in a business, but here’s why it’s so important.
Brands can increase their revenue by up to 29% by retaining 5% more customers.
By retaining existing customers, profitability kuwait whatsapp resource can be increased by 25%.
Approximately 50% of a company's revenue can be generated by the top 8% of loyal customers.
The value of a company can be derived from its highest value customers.
Customer loyalty management is worth $4 billion per year (March 2022).
Globally, brands spend $75 billion on loyalty management systems.
It costs approximately 1/6 the price to convert a customer who has already purchased from the brand.