Guest post by Alex Ratynski.
Given that it can cost five times more to attract a new customer than to retain an existing one, almost every business can improve profitability by keeping its customer churn rate (the percentage of people who stop doing business with you, for one reason or another) low.
Here are five expert tips for keeping your customer churn rate as low as possible, so you can build a loyal fan base of people who keep coming back to you for more.
Ask your customers for feedback (and act on it)
The first step to reducing your customer churn rate is to find out why people don’t come back to your business. The easiest and most effective way to learn about this is by speaking directly to your customers.