This article first appeared in Loyalty360. May 18, 2016.
A significant amount of time and money goes into investing in customer acquisition, while brands often neglect to invest in customer retention. All too often there is a distinct lack of importance placed on specifically targeting and rewarding existing consumers, when in actual fact, an increase of even 5% in customer retention can show a profit increase as high as 95%[1]. To break down why there are....