Customer retention is very important for your business’s bottom line and its long-term growth. You’ve probably heard that it costs at least five times as much to acquire a new customer as it does to retain a current one. But did you know that a five-percent increase in customer retention can boost profits up to 95 percent? (That’s according to a study by Bain & Company.)
There are a lot of ways that you can bolster retention — social media, email marketing, a blog, a loyalty program — but feedback is one of the key ways to make sure your customers keep coming back. Whether it’s through online reviews or email, feedback lets your customers feel heard and gives you insight into how to improve your products, services, and customer experience. It’s a win-win.
We partnered with Yelp to dig into how businesses can use feedback to create loyal customers — focusing specifically on public online reviews and private customer feedback. In our webinar (video above), we cover:
- Why feedback matters
- How to respond to feedback
- How to get more feedback
- How to use feedback to grow your business