What do you do to help your business grow and improve? When you run a business you need to think about a wide range of factors, from creating clear marketing strategies to trying to attract new customers and all these elements are focused on ensuring that your business is always growing and improving. But the most important thing that you should be doing is paying attention to your loyal customers. Loyal customers tend to have a stronger impact on your business than new customers do. In fact, it can cost 5 times as much to attract a new customer as it does to retain a loyal customer, and the latter are more likely to make repeat purchases. Another study, by Bain and Co., found that increasing customer retention rates by a mere 5% resulted in increased profits of 25% to 95%.
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