Danny Mola says, “As new technology is introduced, the way people market their businesses continually changes. Part of cultivating a thriving small business is learning which marketing channels to utilize and which customers to target.

While businesses often focus their efforts on trying to attract new customers, statistics show that it is more financially beneficial to focus marketing efforts on customer retention.

Statistics provided by Frederick Reichheld of Bain & Company show that businesses who increase customer retention rates by just five percent will usually see an increase in profits by 25 percent to 95 percent.

Loyal and established customers generally spend 67 percent more than new customers and therefore can more positively impact a company’s profit margins (2014 report from BIA/Kelsey and Manta). Even though all business engage in some form of marketing, the ways businesses choose to market and maintain their audiences drastically varies”.

Email Marketing: The Only Remaining Free, Effective and Underutilized Marketing Channel

Business.com

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