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Why a focus on customer loyalty is essential to long-term profi tability.


By Marlon Bowser chief executive of HTK O 01


nce a retailer has acquired a customer, the logical next step is to make them stick around. Encourage them to buy again, to tell their friends, to provide


testimonials or reviews for the website – repeat customers are full of potential. And yet customer retention remains low on the


priority list for many businesses. Is it simply that retention takes longer to bear fruit, compared to the instant gratifi cation of acquiring new customers? Or is it that customer retention efforts aren’t delivering profi t, full-stop? Research from Bain & Company found that


customer retention should grow your business – a 5% increase in retention could increase profi ts by up to 95% in some industries. Yet other studies have found that long-standing customers can actually be costly to maintain. So, what’s going on? It’s time for retailers to rethink their ideas


about holding onto customers. As it turns out, retention is just an indicator of something else – rather than the end goal.


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