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Vivek Joshi
Director & CEO @ Exc... • 1d
In an era of economic uncertainty, leveraging customer retention as a growth driver is more critical than ever. High-level operators know that acquiring new customers is up to 25 times more expensive than retaining existing ones. Yet, many businesses still prioritize top-of-funnel metrics over loyalty. The data is clear. A 5% increase in customer retention can boost profits by 25% to 95%. This isn't just about repeat sales; it's about the compounding effect of increased customer lifetime value (CLV). Loyal customers are more likely to spend more, refer new business, and are less sensitive to price fluctuations. To unlock this value, shift your focus from transactional wins to relationship-based growth. Use data to identify your most valuable segments and tailor personalized experiences. Implement robust feedback loops to proactively address churn risks. This strategic pivot ensures your business is not just surviving, but thriving on a foundation of enduring customer relationships.
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