Why startups can’t afford to ignore customer retention

Customers are vital for the success of any business and retaining customers is cheaper than acquiring them. While focusing on customer retention can increase long-term revenue, keeping the churn rate low also improves the likelihood of growing the business. This is especially important for venture-backed businesses that need to achieve a healthy balance between high-quality revenue and rapid, yet sustainable, growth. The importance of maximizing customer lifetime value is often underestimated, says Dale Chang, vice president of Portfolio Operations at Scale Venture Partners. Here, he shares how to apply the right metrics and best practices for achieving smart growth through customer retention.
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