Customer Retention Is Critical To Business Growth & Profitability
It's a well-known fact that brands that provide a meaningful customer experience have higher retention rates. Customer acquisition and retention have both risen to prominence as critical components of the D2C brand journey.
According to some studies, acquiring new customers is five times more expensive than retaining existing ones. Customer retention also boosts profits by 25 per cent to 95 per cent.
On the same, Founder of Perfora, Tushar Khurana said that retention is a key factor in building a brand building but at the same sustainability of the business is also important in a talk with Surbhi Juneja, Director, Strategy and Growth, WebEngage With.
About the Shark Tank experience, Khurana said, “Shark tank is a great avenue to create and build a new brand for the country and it also helps in getting customers' attention and make them excited to try it and indeed helps businesses in grow like us.
But the real challenge still exists regarding the retention of customers when the show gets off-air, he added.
On future strategy, he said that the company will focus on acquiring customers, retention of customers and profitability.
