in Customer retention
Whether it’s Christmas time or just to mark a certain point in your relationship with a client or staff member, corporate gifting has a really positive effect on relationship management. But you have to do it right. For some companies, corporate gifting is a beautifully wrapped ethical can of worms, that strikes fear into the hearts of management. If done correctly however, it could really boost client retention and staff morale
Heralded as a silver bullet in guaranteed revenue streams, customer retention is still largely a minefield for many businesses. With around 20% of customers not returning to nearly a third of businesses after their first purchase, retention is becoming a big problem in many businesses.
Depending on what industry you’re in, acquiring a new customer can be 5 – 25 times more expensive than retaining an existing one. Research by Bain & Co
Consistently understanding and improving your customer retention strategy might be the single most important thing you can do as manufacturer.
Bold claim? Perhaps.
But the numbers don’t lie. Increasing your customer retention rates by just 5% can increase your profits by 25-95%.
But it is not good enough to know just that your customers are leaving you