Businesses are spending vast sums in marketing to acquire new customers trying to replace their lost customers. But research shows that they might be better served by designing strategies to bring back your lost customers. The chances of selling to an existing customer is 60 – 70%, while the chances of success for selling to a new prospect is 5-20%. Existing customers are 50% more likely to try new products and spend 31% more, when compared to new customers. So, how are you re-engaging with your past customers? Or even, do you have a track of who had been your past customers?

In order to thrive and survive in business, business owners will have to embrace a lot of techniques and tactics. Out of which, customer retention strategy is in the topmost of the list as customer retention is far more effective than any other marketing strategies taking into consideration its cost and return of investment.