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Don’t Undervalue Customer Retention

By: Elaine Fogel

 

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Most of us know that keeping customers is important to the success of our businesses or nonprofits. Yet, there’s still an over-weighted emphasis on customer acquisition even though it costs more.

 
Retaining customers is part of a much bigger picture. In my upcoming book, Beyond Your Logo: 7 Brand Ideas That Matter Most to Small Business Success, I delve into this topic.
 
“Without customers, your business would not exist. It’s that simple. Your business success and longevity depend on acquiring and retaining its target customers. You can’t do so without developing and maintaining a customer-centric mindset.”
 
A customer-centric mindset (or customer orientation) “moves from selling products and/or services to serving customers’ needs and engaging them as people individually, not as a collective or by customer number. It is a mindset that puts customers at the center of every action.”
 
And, since customers’ experiences are directly connected to your brand, it makes sense to focus on every customer touchpoint to increase retention.
 
If you need the numbers to convince you, check out this customer retention infographic by Sparked that I discovered on the LoyaltyToday blog.
 
Customer Retention Infographic
 
Big take-away…
 
It is 6-7 times more costly to attract a new customer than it is to retain an existing one.
 
Does your organization or smaller business have a customer retention strategy?
 

This article was originally published by Elaine Fogel
Published: October 7, 2014
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