There’s no question that first impressions are important, especially in business. How much more important, then, is the impression a customer gets once they’ve made their first payment and activated your product?
Very, apparently.
A study by Price Intelligently found that a 1% increase in acquisition translates to a 3% improvement in your bottom line. The same increase in retention translates to an improvement of 7%.
That’s more than twice as much percentage points!
While signing new customers is obviously key to business growth, retaining those customers is just as (if not more) important.
Shannon Burton 