It costs less to retain than acquire a customer.
But you know that already.
The Australian Communications and Media Authority cited research that:
Added to that, a customer leaving is unnatural. Why? We're built to leave things as they are. It's our status quo bias.
So if they're leaving, something must be pretty wrong.
In this video I describe four strategies to retain your customers.
I also discuss status quo bias, loss aversion, sunk cost, intrinsic and extrinsic rewards and sludge.
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