Would you like to keep your new, first time customers? Would you like them to purchase additional services? It costs five times more on average to acquire a new customer than to retain an existing one. To invest in retaining your existing customers, is a wise investment.

Do your customers feel you care if they come back? Are you building relationships with your customers, creating loyalty and communicating? Research has shown:

• Existing customers are 60-70% more likely to buy from you compared to 5-20% of new prospects
• Existing customers are 50% more likely to try new products compared to new customers
• Existing customers spend 31% more compared to new customers

It's clear. Increasing customer retention rates increases profitability. In addition to the quality of the transaction, service and product, give attention to what happens after the transaction. Develop a customer-centric sales and marketing approach that takes into account what is important to your customers, what their concerns are and what motivates them.

When you predict the profit you'll derive from future relationships with customers, it's called your customer lifetime value (CLV). Connection, engagement and loyalty are ways to increase retention and CLV. Tactics, such as customer education, service reminders, loyalty offers, refer a friend incentives, feedback surveys and social media reviews, are some of the tools you can use to cultivate long-term, profitable relationships.

Watch the Throttle® Revenue Accelerator video and contact us to learn how we can help you increase customer retention and revenue!

Statistics compiled by Invesp.com