Customer retention is a strategic process to keep or retain your existing customers and deter them from using other suppliers or organizations. This is only possible when there is a quality relationship between your business and the customer. Usually, a customer will remain loyal to a particular brand or product as their needs grow and only if those needs are properly fulfilled.
Referrals: The most cost effective approach to grow your customer base is through referrals. When customers feel satisfied, they are encouraged to become brand advocates for your business. These referrals are beneficial for your business considering there is little to no cost associated with this process. Referrals are an optimal form of marketing and profit generation.
— For more lessons like this, purchase your copy of Act Like a Business: Think Like a Customer by Dr. Elijah Clark from all major bookstores. —
Dr. Elijah Clark (December 13, 2021). Customer Retention [Web log post]. Retrieved from https://elijahclark.com/lesson-149/