Who Are Your Best Customers? Rethinking Customer Loyalty in a Digital-First World

“Companies have long recognized the importance of retaining customers. Acquiring new customers, after all, can be five to 25 times more expensive than retaining existing ones. What’s more, increasing retention rates can increase profitability. For example, research from Bain found that in the financial services industry, a 5% increase in retention led to a 25% increase in profit. The experience a customer has with your brand is critical when it comes to loyalty and retention. In fact, 66% of consumers cared more about experience than price when making a purchase. So what should you be considering when it comes to your customer experience?”.

 

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