A Bain and Company study showed that a 5% increase in customer retention can lead to a 75% increase in profits. Maintaining a loyal and satisfied customer base gives you happy customers who are more likely to make repeat purchases, give referrals and invest time in your company.

So how do you build this loyal customer base? Map your current accounts, understand who your customers are, and why they are making those purchases. Make sure you have advocates in all corners of the organization. A single decision-maker is simply too risky in today’s environment. Set up a nurture program specifically for your customers – remind them of the value you add to their business and open up the door for upsell opportunities. The two articles in this month’s newsletter provide thought-starters and best practices for building a successful customer retention program.

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