Here's why retention matters... If you have a membership, retention is paramount to your business' profitability and success.
Here are three reasons why:
1.
Retention is cheaper than acquisition It's up to 25x more expensive to acquire a new member than it is to retain an existing one.
2.
Loyal members spend more Existing members buy more frequently and spend more than newer ones.
3.
Retention will increase your profits A Harvard Business Review study found that “increasing customer retention rates by 5% increases profits by 25% to 95%.”
About Loyalty Growth Lab Hi, I'm Liz Beadon, founder of Loyalty Growth Lab...
I started my career ten years ago working for some of the world’s biggest brands and most exciting startups, helping them to deliver exceptional customer journeys that delighted customers and increased profits.
After a decade, though, it was time for a change. I began noticing an increase in digital memberships that were making an incredible impact on people’s lives, and I thought: how amazing would it be if I could take my strengths, skills, and experience and help membership sites help their members?
And so, Loyalty Growth Lab was born. Loyalty Growth Lab helps membership sites increase member loyalty and reduce churn through building data-driven retention strategies and plans.
Apply for The Retention Club The Retention Club is the place for high-level memberships to work on driving their retention and member lifetime value.
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