Does your company fall under the 44% of all companies that focus primarily on customer acquisition? If so, are you aware that acquiring a new customer costs up to 5 times as much as retaining one?
Customer acquisition is indeed critical for any business, especially start-ups. Having the appropriate affiliates and SEO set you on the right track towards building a fruitful customer base. However, implementing appropriate customer retention schemes is the secret to long-term successful business strategies. Apart from the fact that over time, your company can sell its products to a single customer on numerous occasions; loyal customers often promote your brand through the grapevine, which in turn leads to further additional sales.
Surprisingly, many companies are aware of the importance of customer retention, yet stories about poor service quality still flood daily conversations between family and friends. A whopping 71% of customers terminate relationships with companies because they feel as though they are not getting a service that they are happy with. For obvious reasons, this is undesirable to any company, including yours. There has never been a more important time to really know your customers and offer them your products in a way suited to their wants and needs.
Consistency is key for customer retention, though at times a well-handled customer complaint can build an even stronger relationship with a buyer than a positive review to start off with. At iGaming Academy we are aware of the daily challenges that companies face, so we have designed a particular set of courses specifically targeted at providing you with the tools to efficiently acquire and retain your customers.
