Studies on customer retention find that raising retention rates by 5 percent lifts profits by roughly which range?

1. Focusing on customer retention is described as a winning tactic for a firm. 2. Studies show that a 5 percent rise in retention rates raises profits by 25 to 95 percent. 3. The gain is large because repeat sales come with lower service costs and added referrals. 4. The three smaller ranges all understate the reported effect. _Source: OpenStax Introduction to Business (CC BY 4.0), Ch 11 "Creating Products and Pricing Strategies to Meet Customers' Needs", section 11.1 The Marketing Concept_