From the course: Marketing Foundations: The Marketing Funnel
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Converting from action to loyalty
From the course: Marketing Foundations: The Marketing Funnel
Converting from action to loyalty
- A lot of effort goes into bringing in new users. So before you increase your customer base, let's make sure that you're not losing them just as fast as they're coming in. Retention is the act of keeping your current customers loyal. If you have a subscription model, that's keeping them subscribed month over month. And if you sell individual products, that's turning them into a repeat buyer. Now, before we get into some strategies for retention, let's look at why this is so important. A study conducted by Bain & Company revealed that a 5% increase in customer retention can mean a 30% increase in company profitability. That's an impressive return. And it's not just the repeat purchasing that improves the bottom line. It's also because of the reach a loyal customer has. They become an inexpensive marketing vessel, sharing your message to friends, participating in social media, writing about your product, and even…
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