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Keeping your customers

 

It costs less to retain than acquire a customer.

But you know that already.

The Australian Communications and Media Authority cited research that:

  • Increasing retention by only 2% has the same effect on profits as having to cut costs by 10%;
  • Reducing defection by 5% can increase profits by as much as 125%; and
  • It costs 5-7x as much to acquire as retain customer.

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...

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