82% of businesses suggest that retention is cheaper to execute than acquisition Consider the following statistics from recent studies: 82% of businesses consider that retention is cheaper than acquisition[i] The average repeat customer spends 67% more in 31-36 months than 0-6 months On average, loyal customers are worth up to 10x as much as their […]

82% of businesses suggest that retention is cheaper to execute than acquisition Consider the following statistics from recent studies: 82% of businesses consider that retention is cheaper than acquisition[i] The average repeat customer spends 67% more in 31-36 months than 0-6 months On average, loyal customers are worth up to 10x as much as their first purchase These are just three of a plethora of research findings highlighting the importance of repeat customers.Another statistic I find compelling is: On average, a 10 per cent increase in customer retention levels results in a 30 per cent increase in the value of the company One of the reasons the Amazon market capitalisation is approaching that of Apple while Amazon only has half the sales – is the repeat business rate – driven by customer loyalty.Despite all of this, I see very few businesses that have devoted the time and resources necessary to maximise repeat…