- 5-25X – how much more expensive it is to acquire a new customer than it is to retain an existing customer.
- 5% – a 5% increase in customer retention can increase company revenue by 25-95%.
- 67% – how much more repeat customers spend than new customers
Why Customer Retention Is the Fuel To Skyrocket Your Business To News Heights
Your customer retention rate is how well you keep customers over time. A low retention rate has been compared to filling up a cup with holes in the bottom – I suppose you could keep filling the cup, but we suggest figuring out what is causing those holes and how you can patch them up. On average, it costs 8 times more to acquire a new customer than it does to retain a current customer. If that doesn’t convince you, repeat customers typically spend 67% more than new customers.
Before you spend another dollar on acquiring a new customer, take a look at your retention rates, and show your current customers a little extra love. Not quite sure how to get started? We would love to help! Send us an email to [email protected] today.