While we already mentioned in our main article the five-times-greater efficiency of keeping a loyal customer compared to engaging a new one, its value goes far, far beyond purely monetary benefits.
The customer retention rate is perhaps the most solid indicator of the credibility and integrity of your brand. As one of the business's key metrics, it shows the number of clients staying with you for years and generating recurring revenue, despite all winds and rains of the industry and the market.
How to determine who is your loyal customer and who is not? The criterion is simple: a truly dedicated customer continues to buy from your brand despite fluctuations in the pricing strategy, intensity of marketing, and purchasing convenience. In one word, they value the product above all the peripheral issues of its promotion and delivery.
Then, does it mean the lasting engagement of a customer just requires your product to be really good and effectively perform its tasks on satisfying a user's needs?
Well, maybe such a paradigm could work if only there would be no such infamously known thing as competition. Modern users almost always have numerous similar options. And they are constantly marketed with all those "killers" of your product. That is why additional practices are needed to retain even the most faithful client.
And these practices should be strikingly strong, no less. The article gives you clues for picking up those that mostly fit your business, at a moderate cost of time and money.