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Loyal customers are extremely important for businesses as constantly attracting new shoppers and converting them into customers is a costly process.
In fact data from the new Econsultancy/Responsys Cross-Channel Marketing Report 2013 shows the value of building customer relationships, as 70% of respondents agreed that “it is cheaper to retain than acquire a customer.”
Similarly, nearly half (49%) agreed that “pound for pound, we achieve better ROI by investing in relationship over acquisition marketing”.However businesses aren’t necessarily making a huge effort to retain their customers, as just 30% of companies say they are “very committed” to relationship marketing, with 22% conducting no relationship marketing at all....
Engagement for retnsion is not just smart, it's cost-effective. Why 25% of business don't do it is a mystery and a competitive advantage for those who do.