According to Harvard Business Review, the cost of obtaining a new customer is anwhere from 5 to 25 times that of retaining an existing one. The biggest advantage of repeat customers is that they provide a steady stream of income and in some cases even refer new business. Here are a few tips to help you increase your bottom line by retaining more customers.
1. Keep Your Customers In The Loop
Keep customers up-to-date with your progress on their work with monthly reports or a weekly phone-call highlighting the strides you’ve made.
