It’s no secret that it’s easier — and cheaper — to retain the customers you have than it is to acquire new ones. In fact, a study by Northwestern University’s Center for Retail Management found that up to 15 percent of a company’s most loyal customers account for between 55 and 70 percent of business sales. Not only that, but more than three-quarters of these customers enjoy telling other people about the brands they support, acting like an extra arm of your marketing team. Good news travels fast: The more you can provide your customer base in the form of great service, the more your best advocates will sing your praises and build up your pool of brand loyalists. A Little Goes a Long Way According to a Gartner Group study, 20 percent of existing customers will be responsible for generating 80 percent of the future revenue of a business. That 20 percent sounds small to start, but when it begins to add up over an indeterminate period, the result is an educated, loyal group of customers. Many of the brands that are most successful at winning customer loyalty do so by investing in channels that help turn their product… Read full this story
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