According to the White House Office of Consumer Affairs, it is 6-7 times more costly to attract a new customer than it is to retain an existing customer. Considering the fact that 80% of your company’s future revenue will come from 20% of your current customers (Gartner Group), customer retention is something you’ll want to be paying attention to when planning for 2016.
When it comes to planning out the year to come, we often focus on how we can drive new prospects into the marketing funnel. New leads, new customers, onboarding, etc. become the cornerstone of our strategy and sometimes, we forget to nurture our existing customers and build in strategies to retain them.
Building on my previous post, Four Business-Planning Strategies for 2016, here are three ways in which you can build customer retention into your 2016 strategy.