Successful businesses understand that their best customers do not just buy their product or service once, they come back again and again for more purchases. They also know that signing up a new customer costs from 5-30 times (depending on your industry) as much as keeping an existing one. And a mere 5% increase in your customer retention rate can increase your profits from 20% to 90%.
But unfortunately, many companies do not implement effective programs to increase customer retention and fail to reap the benefits that come with a loyal base of customers.
In this video, we explore four benefits your company can expect from the implementation of a customer retention program. We also look at the use of the LMS Portals platform to build customer training programs that increase retention rates.