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According to research cited in a 2014 Harvard Business School article called “The Value of Keeping the Right Customers,” you can improve profitability by 25 to 95 percent by improving your customer retention rate by just 5 percent.
While this might seem implausible, the numbers make sense when you consider the high costs of customer acquisition. According to that same article, it costs at least five times more to land a new customer than to keep a current one. Take note.
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