By: GUEST AUTHOR Alanna Galiano, Emerging Technologies Inc. | 8/25/2016
Acquiring new customers is expensive. I know you have heard someone say this.
According to Bain & Company, it costs businesses about 6-7 times more to acquire a new customer than to keep an existing one. It is a lot more expensive than retaining your current customers and finding ways to keep them happy.
Customer loyalty and retention drive referrals and inevitably, revenue. Customer retention takes time to bear fruit and it is certainly worth investing your time and effort into it.
Here are three ways a CRM solution can help you increase customer retention: