It’s cheaper to maintain existing customers.
Let’s start with the fact that it costs five times more to obtain a new customer than to keep an existing one. Despite this, only 18% of companies have a more focused approach to customer retention as compared to the 44% that zero in on customer acquisition. This means you don’t have to spend too much time and resources in finding a new client—you just have to keep the one you have happy.
Loyal customers are excellent profit drivers.