{"id":3606,"date":"2020-01-23T16:36:17","date_gmt":"2020-01-23T16:36:17","guid":{"rendered":"https:\/\/helpcrunch.com\/blog\/?p=3606"},"modified":"2023-11-08T18:03:15","modified_gmt":"2023-11-08T18:03:15","slug":"innovative-customer-retention-examples","status":"publish","type":"post","link":"https:\/\/helpcrunch.com\/blog\/innovative-customer-retention-examples\/","title":{"rendered":"Top 5 Customer Retention Examples to Spark Your Creativity"},"content":{"rendered":"\n

At the core of every successful business are its customers. They are a company\u2019s most valuable resource. As anyone working for a company will know, customers are expensive to acquire and easy to lose, which is why customer retention is so important.<\/p>\n\n\n\n

In this article, I will share five companies that have been largely successful in their customer retention strategies. There are lessons here that will be valuable to your business.<\/p>\n\n\n\n

But first, let\u2019s look at why customer retention is important.<\/p>\n\n\n\n\n\n

Benefits of customer retention<\/h2>\n\n\n\n

People often like to use the analogy of the customer journey when analyzing sales. At the start of this journey is awareness; this is when you make a person aware of your services. Then there is interest, consideration, purchase, retention, and advocacy.<\/p>\n\n\n\n

I like to think of the customer journey as a cycle.<\/p>\n\n\n\n

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Each stage of this journey has a drop-off. Depending on your conversion rates, you might need to generate interest from 500 people to make one sale.<\/p>\n\n\n\n

Understandably, generating interest and making people consider a purchase is an expensive process. They are the two costliest parts of the customer journey. According to findings published in the Harvard Business Review<\/a>, it costs, on average, five to 25 times more to acquire a customer than it does to retain them.<\/p>\n\n\n\n

Not only that, customer retention has these benefits over customer acquisition:<\/p>\n\n\n\n