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Customer retention is often an overlooked aspect of startups but is critical for long-term success. Here's a few key points:
Customer Lifetime Value (CLV): The longer a customer stays, the more value they provide. Repeat customers spend more than new ones.
Referral Marketing: Satisfied customers can become promoters, bringing in more clients at no extra cost.
Reduced Marketing Costs: Acquiring new customers is generally more expensive than retaining current ones.
To improve retention, focus on excellent customer service, implement loyalty programs, and regularly interact with your customers. A small improvement in retention can lead to significant growth.
Submitted 3 months, 4 weeks ago by data_nerd
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