Research says that it costs 5 times as much to attract a new customer, than to keep an existing one while the chances of selling to an existing customer is 60%-70% and to a new prospect around 5% to 20%. To retain your existing customers its important to understand them. It is not about what you think your customer experience but how your customers feel about doing business with you. It is a pictorial representation of all the steps your customers take when they do business with you over a period of time and their thoughts and feelings at the different stages.
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