Want to know a secret? Customer retention is much more critical to your company’s success than customer acquisition.
In fact, Frederick Reichheld of Bain & Company found that as little as a 5% increase in customer retention can increase company revenue by as much as 25–95%.
Whether you’re a team of one or more, strategic relationship marketing can help you connect with your customers and engage them long-term.
As a result, you can boost customer retention, increase revenue, and run a successful business without all the costs associated with getting new customers.
Let’s dive into the benefits of relationship marketing, examples of excellent companies that build lasting relationships with customers, and relationship marketing strategies you can employ.