Increase customer retention rate
Lets talk retention
It’s much cheaper to make sales to existing customers, in fact statistics show that it’s six times easier and
cheaper to make sales to existing customers than it is to new customers.
What are you doing to delight your customers and make them want to return to you?
Do you know what it is your customers want?
What is your current communication strategy with your customers?
What's your current retention rate?
In order to set a KPI we first need to know what the current retention rate is. the formula is:
No of customers @ end of period - No of customers acquired / No of customers @ start of period
Strategies to improve customer retention:
- Loyalty programmes
- Ask customers what they want (survey them)
- Follow up with your customers after they’ve made a purchase
- Social activities