What are the Top Metrics for Customer Retention?
Customer retention is a very important aspect of every business. The general rule of thumb is that it costs five times as much to attract a new customer compared to retaining them. Additionally, studies have shown that for each 1% you can increase your customer retention rate, your profits increase by 5%. That is why many of the top web development companies are aware of what the top metrics for customer retention are and track them to ensure they are keeping customers happy and engaged.
Today we wanted to share our insights about the Top Metrics for Customer Retention. By monitoring them regularly you can more easily find areas to improve your customer interactions which will lead to higher retention rates and greater profitability for your business.
Importance of Customer Retention
As we mentioned, there is a tremendous amount of value in retaining customers when it comes to profitability. Having an existing strategy for How to get Better Results from Online Surveys
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