Customers’ retention and remarketing refers to the tactics like aggressive branding and promotion used by the sellers for highest market share and profit. It is the primary key for business success.
It s important to measure customer retention as it helps to set up a benchmark for business growth and success which would not be important without customer retention.
According to Bain and Co., it costs seven times more to attract new customers than it does to retain existing ones. Research also shows that a 5% increase in customer retention can generate up to 125% in profits. Ignoring retention marketing and solely focusing on customer acquisition results in customer churn, which ultimately leads to a loss in revenue and profit margins. As a result, smart businesses are putting a more prominent focus on retention marketing.
It makes sure your customers do not deflect to other competitor platforms.
If a user is retained for a longer time then certainly it will help in increase in demands.
Large audience group will make competition easy leading to easy survival in the market.
More the customer retention more will be the customer demand more will be the goodwill
Retention will help in retaining the expanded market platform and profits and growth.
Increase in the number of audience will make your brand the hero among the crowd.
Customer retaining will make the customers permanent and will also increase the chances of survival.
It is what scales your business in the most cost effective manner.