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Customer Retention
They say that an existing customer is often 20 times more valuable than a new customer, considering the cost of acquiring new customers and the lifetime value of an existing customer. Of course that depends on a lot of variables.
Lexus values its customers, on average over the lifetime of the customer, at $600,000.
A neighborhood dairy may value its customers at $50,000.
Taco Bell values each customer at $12,000.
Many companies have instituted Customer Retention programs, in order to increase customer retention rates.
In an online environment, how do you suppose a company can best keep its customers? What specifics tips do you have to offer for customer retention?
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Individualism
The ideal form of government is democracy tempered with assassination. - Voltaire
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