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According to Harvard Business Review, spending time and resources to acquire new customers is 5 to 25 times more expensive than keeping your existing clients. Effective customer retention strategies ensure that the customers you worked so hard to get will continue to do business with you and get value from your products/services you offer. Here’s a list of techniques you can implement: Improve customer service, develop a CRM mindset and implement customer retention techniques to support that goal. IKEA implements several customer relationship management techniques to retain its customers.