For any business to succeed, you need to retain your customers. Once you win your customers’ loyalty, you can expect a good amount of revenue from repeat purchases. However, if you fail to retain your customers, your sales and profit margins are likely to suffer.
It is more cost-effective to retain your existing customers than to acquire new ones. Acquiring a new customer can be five times more expensive than retaining existing customers.
Customer retention strategies differ from industry to industry. However, regardless of the industry, data, artificial intelligence, and predictive analysis can help you improve customer retention.