Increase Online Revenue Through Online Customer Retention Plans
Successful online sales plans all have an element of online customer retention as a way to show existing customers that they are appreciated and valued.
As explained on this infographic by Go-Gulf.com, many companies place a large focus on customer acquisition and tend to neglect their current customers, an error which can negatively impact sales and company reputation greatly. While less than 10% of online visitors are repeat customers, they are responsible for almost 50% of all online revenue and are cost-effective when compared to the cost put towards efforts for acquiring new customers.
Losing customers results in loss of profit while increasing online customer retention by just 5% can lead to an increase of profits by 25% to 125%.
As explained on this infographic by Go-Gulf.com, many companies place a large focus on customer acquisition and tend to neglect their current customers, an error which can negatively impact sales and company reputation greatly. While less than 10% of online visitors are repeat customers, they are responsible for almost 50% of all online revenue and are cost-effective when compared to the cost put towards efforts for acquiring new customers.
Losing customers results in loss of profit while increasing online customer retention by just 5% can lead to an increase of profits by 25% to 125%.
Trend Themes
1. Online Customer Retention - Focusing on creating online customer retention plans can lead to increased revenue for businesses.
2. Cost-effective Strategies - Cost-effective strategies such as retaining existing customers can be more profitable than constantly acquiring new ones.
3. Data Analytics - Using data analytics to identify areas of improvement in customer retention can lead to increased profitability.
Industry Implications
1. E-commerce - E-commerce companies can benefit from implementing online customer retention plans to increase profitability.
2. Marketing - Marketing companies can utilize cost-effective strategies such as retaining existing customers for their clients to increase profitability.
3. Digital Analytics - Digital analytics companies can offer services that help businesses identify areas of improvement in customer retention using data analytics.
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