Small business do to increase its customer retention rate

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With a 70 percent customer retention rate (average for most U.S. firms according to the American Management Association), every $1 million of business in 2014 will grow to more than $4 million by 2024. If you retain 80 percent of your customers, the $1 million will grow to a little over $6 million. If you can keep 90 percent of your customers, that $1 million will grow to more than $9.5 million. What can the typical small business do to increase its customer retention rate?

Reference no: EM13761256

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