It’s hard to believe that so many companies still devote most of their resources to new business. Don’t get us wrong, new customers is always a worthy pursuit.
But this laser focus on the present often comes at the expense of the future.
US companies spend $2 billion yearly on loyalty programs.
Meanwhile, over $180 billion goes into advertising annually.
We get it. New business makes the CEO and shareholders happy. It earns parties in the breakroom and high fives in the boardroom.
Customer retention may not have all the sex appeal, but it's definitely more profitable. Even better, profits are just one of the positive aspects of retention and loyalty.
Let's go over the top ten benefits of retention, shall we?