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It Pays to Nurture Your Existing Customers


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By Vivian Wagner
May 20, 2021 5:20 AM PT
Important as it is to continually acquire new customers, it s every bit as vital for businesses to nurture existing clientele.
The E-Commerce Times talked with several experts in customer engagement to get their thoughts about why it s critical to cultivate current customers and how to encourage them to stick around.
Assuming that a firm has a recurring revenue model SaaS, maintenance, retainers, or repeat sales then customer retention is just as important as new customer acquisition, Candyce Edelen, CEO and founder of PropelGrowth, told the E-Commerce Times.
In fact, the cost of customer retention is a small fraction of the cost of customer acquisition. This is particularly true for any model where the CAC isn t recovered in the first couple months of the customer lifecycle, she offered. ....

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