The Value of Keeping Customers

Did you know that it costs five times as much to attract a new customer than to keep an existing one?⠀⠀

⠀⠀
The first rule of any business is to retain customers and build a loyal relationship with them, and thereby avoid customer acquisition costs.⠀⠀

Moreover, let’s not forget that a customer’s needs grow and evolve with time. A smart business anticipates that and welcomes an opportunity for increased profits.⠀⠀

Real-World Business Examples:⠀⠀

⠀
1. A $3 car wash offers a $14.95 monthly unlimited car wash membership

2. McDonald’s employees always offer you a drink or some fries with your purchase.⠀⠀⠀

3. Medical practices offer nutritional supplements, protective products, and health action plans.⠀⠀

4. IKEA will soft-sell delivery and furniture assembly as additional services.⠀⠀⠀

5. Indispensable Marketing will offer you marketing plan development with done for you marketing implementation⠀⠀

6. Gyms thrive on offering annual or even lifelong memberships.⠀⠀

7. Online marketers earn more by creating enhanced, premium versions of their content.

8. Financial institutions like credit unions and community banks will offer a savings account along with your checking account.⠀⠀