Customer retention is one of a business’s best tactics for growing and increasing revenue, since loyal customers are simply more profitable than first-time buyers.
You’ve probably already heard that it is 6 to 7 times more expensive to acquire a new customer than it is to convert a repeating one, and loyal customers tend to spend 5X times more than first-time customers.
But loyal customers don’t just appear out of thin air – you have to work at building a relationship with your existing customers that would turn them into loyal ones, who keep coming back to buy from you again and again.
We talk all about using post-purchase communication an upsell to improve retention and revenue on our newest guest post on the Recart blog.