25% to 40% of the total revenues of the most stable businesses come from returning customers. Repeat customers drive 3-7 times the revenue per visit as one-time buyers.
Customer retention should be a top priority for businesses as studies have shown that reducing customer churn by merely 5 percent can increase your profits by 25-125 percent. (Bain) It is much more profitable for businesses to continue to sell to the customers they already have than it is to find and market to all new customers.
It is 6 to 7 times more expensive to acquire a new customer than to keep one. Furthermore, existing customers are more valuable — they spend an average of 67% more than new customers. (Salesforce)
Zendesk found that 52% of customers purchase more from a company after a positive customer service experience.
The stats speak for themselves!