The best kinds of business partnerships improve client retention. Future via Getty Images No matter what industry you operate in or who you sell to, few things can be more important for the lasting success of your business than client retention. Not only does acquiring new customers cost five times more than retaining existing customers, but simply increasing retention rates by five percent can more than double an organization’s revenue. Despite this, churn can be a very real problem for many businesses, with some industries experiencing average churn rates between 21 and 25 percent . Because client retention can have such an outsized impact on your profit margins, finding ways to continually improve retention and reduce churn should be a top priority for any business. With the right kinds of partnerships, this can become much easier and more effective. 1. Provide Something Truly Relevant One of the most important considerations when embarking on a client-focused partnership is whether that partnership is truly relevant to your target audience. This can be seen when larger “big box” retailers partner with specialty retailers, such as Target entering into a strategic partnership with Ulta Beauty in 2020. What made this partnership work was […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
