A Sustainable Approach to Growing your Business

Customer Experience 2.0

How to get maximum value from your customer relationships by thinking about how you can develop long-term relationships with them and considering their life time value.

Fact – it costs five times more to attract a new customer than to retain an existing customer. (eMarketer 2002)

Fact – a 5% increase in customer retention yields profit increases of 25% taking it up to 95% (Bain and Company 1990)

It therefore, seems common sense to look after the customers we already have, really get to know them and develop a personal long-lasting relationship with them.

Life Time Value of Customers

Building on this approach of developing long-term and understanding relationships with our customers, we can now start to think about them in terms of what is known as their Life Time Value (LTV) rather than a “one-off”…

READ THE FULL ARTICLE AT MARINE MARKETING


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