With businesses actively pursuing customers outside their local area, nationwide and globally, there’s never been more competition. Even if you are the best at what you do or have a distinct niche, you need to connect and engage with your target audience at a high level. This includes strategies geared toward current customers and strategies that improve the customer experience for leads and new customers.
Recent HubSpot research shows that increasing customer retention by 5% can increase revenues by between 25% – 95% . Combine this with the fact that it costs more to acquire a new customer than retain an existing one, the focus on maintaining good customer relationships must be a priority.
Below are 5 powerful strategies that leverage data, technology, and AI chatbots to improve the consumer experience and, in turn, retention rates and sales: