5 “twiks” to Reduce Bounce and Increase Retention
While acquiring customers is vital for business growth, retaining those customers is critical to long-term profitability. Customer retention refers to your ability to keep your customers and grow their lifetime value once you’ve acquired them. According to the Outbound Engine, retaining an existing customer costs 5X less than acquiring a new one, and increasing retention by just 5% can increase profits by up to 95%. So prioritizing customer retention—rather than acquisition—can make a massive difference to your business.