Drawing in new customers is critical for each brand, but the basis for sustainable growth is to keep customers coming back - ultimately producing loyal customers. The numbers don’t lie: It costs 5 to 25 times more to acquire a customer than to retain one. Through effective retention strategies, you can convert a rst-time buyer into an ambassador of your brand. The best way to assess the effectiveness of your retention strategies is to measure the Lifetime Value of your customers. Of course, there are various factors that inuence the LTV, but for sure customer retention is one main driver. A 5% increase in retention leads on average to 95% higher prot. The key ingredient for a growing LTV is understanding the

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