Studies show that a 5% increase in customer retention can boost business profits by 25% to 95%. And a very common statement in the business world is that a new customer costs between 5 and 7 times more than an existing customer.
This happens because a repeat customer, in general, has greater trust in the brand and is more likely to purchase other products and services from the company.
Therefore, the acquisition cost is usually much higher, while the latvia mobile database and loyalty cost can increase the business's profits in a much more sustainable way.
Loyal customers buy more, recommend the brand and cost less to maintain.
Prioritize excellent service to build lasting relationships and boost your results.
Remember, a satisfied customer is a valuable asset to any company.