Retaining or attracting customers, that is the dilemma

Getting a new customer is between 5 and 25 times more expensive than keeping a current one. Yes, this is the truth about customer retention versus customer acquisition.

In practice, many companies focus on generating new customers while wasting their current portfolio.

Statistics indicate that acquiring a new customer cost up to 7 times more than keeping an existing one. 

Therefore, it is highly recommended to establish retention strategies for current customers, which will enable us to maintain and increase their satisfaction and happiness.

Loyalty helps to build loyal relationships with customers, and is also one of the greatest opportunities to keep costs low.

If your company has not yet developed a strategy, you can start with simple activities directed to the most important customers, here are some ideas:

- Personalized customer service calls that allow you to monitor the service received, identify    potential problems and generate closer communication ties.

- Send personalized gifts on important dates with a letter signed by the director.

- Try to have quick response times to any situation.

- Encourage the participation of your customers.

- Meet established commitments.

Once you implement strategies you will be able to measure their effectiveness with the new sales vs. repurchase report available in your Upnify account where you can compare new and repeat purchases over a period of time.    

This SalesUp! comparison can also help you measure your customer satisfaction.