Customer retention can have a positive impact on acquisition…
According to the Gartner Group, 80 percent of your future profits will come from just 20 percent of your existing customers. That means the revenue sources you’ve been trying to find are most likely sitting right under your nose, waiting to be nurtured and cultivated. Customer retention and customer acquisition don’t have to be two parallel lines that never meet. In fact, when done right, customer retention campaigns can actually bring in new business. How? Through word-of-mouth and referrals, of course.
A study showed that satisfied customers tell nine other people about their positive experience, while dissatisfied customers are likely to talk about their negative experience with 22 other people. These numbers tell us that customers talk, and they talk more if they’ve been treated badly.
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