How SMS can help increase profits through customer retention
Businesses often get lost in the race to try and get new customers, spending massive amounts of money and resources on beating their competition into getting as many leads as possible. In fact, 44% of companies have a greater focus on customer acquisition, compared to only 18% that focus on customer retention (Source: SmartInsights). Which leads to our first however, did you know it costs five times as much to attract a new customer, than to keep and existing one? (Source: Econsultancy) New customers are great, but businesses can be blinded by them, and start to neglect their existing customers, when actually, customer retention is imperative to any and every business for it to be able to build and grow. Harvard Business School research suggests, that by increasing your retention rates by just 5%, you will increase your profits by 25%. So by focusing on customer retention you can actually accelerate your business...
