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The Power of Customer Retention: Building Loyalty for Long-term Success
In today’s business landscape, customer retention is a critical component of a successful business strategy. In fact, research shows that retaining an existing customer is far more cost-effective than acquiring a new one. A study by Bain & Company found that increasing customer retention rates by just 5% can lead to a 25% to 95% increase in profits. This is because loyal customers not only make repeat purchases, but they also become brand advocates and help attract new customers. Customer retention refers to the ability of a business to keep its existing customers satisfied and engaged with their products or…
The Evolution and Future of Product Analytics Tools: The Role of AI in Shaping the Industry
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