Customers are king! This phrase has been used since the early 2000’s and means that the customers are the ones determining the direction your business is headed, and they are still kings today.
It has been known that customers who can be further engaged after the initial sale are more profitable than the newly acquired ones. However many companies are still focusing on getting new customers rather than keeping the old ones.
“Increasing customer retention by 5%, increases profits by 25% to 95%”
Bain & Company