40 Customer Retention Statistics You Need to Know

GetFeedback

Learn about the top two customer surveys for predicting and increasing customer retention. Anytime a customer cuts ties, you experience the negative impact of customer churn. Customer Retention by the Numbers. Institute of Customer Service ).

Understanding the Importance of Customer Retention

Totango

If you’re not working hard to retain customers, you may as well—because you’ll be losing money. A one-time customer is a lost revenue opportunity. Time and money that could have been saved—if you’d focused on customer retention. New customer acquisition costs a lot.

3 Ways to improve Your Customer Retention Scorecard

One Millimeter Mindset

Do you have a customer retention scorecard? Any of the plethora of scoring systems which measure customer satisfaction and loyalty. And your own performance is measured and compared with the ratings customers provide on a quarterly basis.

Understanding the Importance of Customer Retention

Totango

If you’re not working hard to retain customers, you may as well—because you’ll be losing money. A one-time customer is a lost revenue opportunity. Time and money that could have been saved—if you’d focused on customer retention. New customer acquisition costs a lot.

4 Customer Retention Strategies To Help Online Businesses Boost Loyalty

Kayako

What is customer retention? Simply put, customer retention refers to the strategies and tactics businesses use to encourage repeat purchases and ongoing loyalty from their existing customer base. Get to Know Your Customers Inside and Out.

The Relationship Between Customer Retention and Profitability Explained

Totango

We go to exhaustive lengths to find new ways to make our businesses more profitable, but sometimes the answer is right in front of your nose: if you want to raise profitability, retain customers over a lifetime. . Exploring the Link Between Customer Retention and Profitability.

The Relationship Between Customer Retention and Profitability Explained

Totango

We go to exhaustive lengths to find new ways to make our businesses more profitable, but sometimes the answer is right in front of your nose: if you want to raise profitability, retain customers over a lifetime. . Exploring the Link Between Customer Retention and Profitability.

How to Build a Customer Retention Strategy

ProProfs Chat

Do you have a customer retention strategy? Companies focus on customer acquisition strategies, since increasing your customer count is the lifeblood of your business. But, customer acquisition won’t help, if you are unable to retain customers.

6 Customer Retention Strategies that are Here to Stay

ClientSuccess

If you think retaining an existing customer is expensive and unnecessary, try acquiring a new one. Adding credibility to this statement is a research study by Invesp Consulting which suggests: Existing customers are 50% more likely to try new products and spend 31% more than new users!

Customer retention analytics: 5 strategies to reduce churn with data

Thematic

Think customer loyalty programs are all about getting generic discounts, points and rewards? Today, it’s more about offering customers something as personalized as possible, so that they feel truly special. What is customer retention? Why is customer retention important?

10 Steps to Immediately Improve Customer Retention With Journey Analytics

Pointillist

What’s better than acquiring one new customer? The answer isn’t acquiring two new customers. Much of the marketing world is still focused on customer acquisition, but to improve customer retention will yield f ar better ROI and cost about 5-25X less than customer acquisition.

A SaaS Companies Guide to Improving and Driving Customer Retention

ProProfs Chat

A loyal customer base is the cornerstone for any successful business. More so for Software-as-a-Service (SaaS) companies since acquiring new customers on a B2B level is much more difficult. This makes customer retention a necessity for SaaS-based companies.

Are Experience Conflicts sabotaging Our Customer Retention Strategy?

One Millimeter Mindset

Ah, the impact of experience conflicts on the performance of our customer retention strategy. That “something” completely disrupts customer experience equilibrium. Staying in front of customer experience is the responsibility of everyone involved in serving that customer.

Increase revenue through utilizing existing customer base

Magellan Solutions

Most businesses spend the majority of their resources on getting new customers that they tend to ignore their most prized asset: their existing customer base or network. “It Improve customer service. Need help in upgrading your customer care?

Building Loyalty: B2B Digital Marketing and Customer Retention Nowadays

Amity

Reaching new customers has never been an easy job. It is extremely important to make sure that the customers you’ve already attracted to your company stay with your company. Here are a few tricks you can use to broaden your customer base: Adapt to your customers.

What Are the Benefits of Customer Retention?

Confirmit

What Is Customer Retention? Customer retention refers to an organization’s processes and activities that aim at stopping customers from churning or switching to a competitor. What Are the Benefits of Customer Retention?

Four Steps to Increase Customer Retention

CSM Magazine

In these days of fierce competition, it’s crucial to do everything that you can to protect your customer base. The ability to retain customers is based on how well your internal operations run. Do you want better customer retention? Customer Service Article

Listening to Customers Tells You Everything You Need to Know… - Transforming the Customer Experience

Kristina Evey

LISTEN to your Customers. We all know how to do it… but few know how to do it well … and it could be driving your customers away if you don’t do it well. Listen well and you’ll increase sales and customer loyalty. LISTEN to the customer.

Six customer retention strategies that will grow your business

Bold360

For the marketers – 66 percent of them – the programs were seen as a good way for customers to show loyalty to the brand. Seventy-three percent of the consumers, however, flipped the perception, looking at the programs as a great way for companies to show loyalty to customers. The study , reported in the Harvard Business Review, says a lot about how customer retention strategies can go awry when customer-centric principles get turned inside out.

24 Experts Reveal Their Top Customer Retention Strategies For B2C Brands

Storyminers

There always seems to be a new product, service, or experience within reach of a brand’s current customer. And as we all know, replacing an existing customer costs 7 times more than retaining them. So how do you ensure your brand is retaining its precious customer base? We decided to ask experts one question: What is your most effective customer retention strategy for B2C brands? . VP of Customer Experience, Compellon.

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4 Reasons Why Customer Retention Matters to Your Customer Acquisition Efforts

Bob Hayes

Business growth depends on acquiring new customers and keeping them around for a long time. Yet businesses are over 2x more likely to focus on acquisition efforts than they are retention efforts. Here are four reasons why customer retention is important to customer acquisition.

4 Reasons Why Customer Retention Matters to Your Customer Acquisition Efforts

Bob Hayes

Business growth depends on acquiring new customers and keeping them around for a long time. Yet businesses are over 2x more likely to focus on acquisition efforts than they are retention efforts. Here are four reasons why customer retention is important to customer acquisition.

Don’t Let Acquisition Be Your Only Customer Growth Metric

Customer Bliss

In my Daily Dose video series, I explore the topics that chief customer officers must grapple with on a daily basis. Beloved companies do a set of deliberate things to be the kind of company that customers want to be a part of, and employees can’t wait to be a part of.

What really makes customers happy?

ijgolding

Over time, several words have been used to describe the organisational focus on customers. They include: Customer Experience. Customer Focus. Customer Centricity. Customer Service. Customer Success. Customer Outcomes. Customer Relationship Management.

Customer Retention Tactics to Keep Customers Coming Back

LiveChat

You remember the hard work you put into finding the perfect customer. Yes, finding your first customers is incredibly difficult, but turning one-time buyers into return customers isn’t nearly as hard. 4 Main Tenets of Customer Retention.

The Distance Between Prawn Crackers and Preferences in Most Customer Experiences Today. By Greg Moore, Episerver

ijgolding

We are all customers. Out in the wild” we know that our customer experience is shaped by the perception we have in each interaction with a brand. So why don’t we prioritize this for our business, for our customers? Where to Begin: Customer Insights.

FANS or CUSTOMERS? Which do you need to have a sustainable business? The sad story of Leyton Orient Football Club

ijgolding

Arsenal, Tottenham Hotspur, Chelsea, Crystal Palace, Fulham and Queens Park Rangers are among 14 professional teams based in London, still competing in the top four divisions of English Football. As a result, many of its loyal FANS, have ceased to become CUSTOMERS.

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What Is Customer Churn Rate and How You Can Reduce It Fast

Comm100

Is your customer churn rate burning a hole in your retention plan? When it comes down to it, most companies are losing far too many customers. Reichheld in the Harvard Business Review, the average company loses about half its customers in a fiver-year period.

Customer Experience failure in the energy industry – exhibit 1 – British Gas

ijgolding

Why is it that an industry that directly affects all of us and one that is heavily regulated with authorities supposedly protecting the interests of consumers/customers, is so often completely failing to deliver experiences that get even slightly close to meeting our expectations?

Moving customers from “cost center” to “asset”

Customer Bliss

Within my five-competency customer experience framework , I often call No. 1 — honor and manage customers as assets — the “clincher competency.” Can they contrast it with the value of lost customers? Highlight 1-2 referrals from existing customers.

To retain Your Customers retain Your Employees First

One Millimeter Mindset

Do you retain employees as a critical part of your customer retention strategy? Their existing client base, of course, became my newbie client base. Do I need to tell you I had one of the highest customer retention rates, year over year?

The Importance of Customer Success for SaaS Companies

TeamSupport

But, with all these changes, problems can and will arise that require the attention of your customer team. The job to communicate both the good and the bad about your SaaS product to your existing customer base often falls on the customer success team.

5 Facts to End the ROI Debate on Customer Experience

Beyond Philosophy

For many years, there has been a debate whether you could assign a dollar amount to determine the return on investment for any Customer Experience improvements. One of the businesses was transactional and the other was subscription based. 50 Facts about Customer Experience.”

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How are You reinforcing Business Growth Status Quo?

One Millimeter Mindset

Except that new customer acquisition is, well, flat or nonexistent. And cash flow appears to be flowing, which means that customers are paying invoices on time. So why try to hire “new” customers? Business growth status quo happens.

Customer Experience Best Practices: How to Retrain Your Customers

PeopleMetrics

If you work in a company that takes its longevity seriously, there’s a high likelihood you’ll find yourself face-to-face with the notion of retraining your customers. Consider Bed Bath and Beyond , who’s facing the reality of training customers to bring coupons into stores.

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6 One Millimeter Mindset™ Articles leverage Professional Experience

One Millimeter Mindset

How we leverage our professional experience catalyzes not only the success of our customers. Also, professional experience focuses on how we have our customers’ backs. Consequently, professional experience is customer-focused, rather than self-serving.

5 Top Customer Service Articles For the Week of June 12, 2016

ShepHyken

Each week I read a number of customer service articles from various online resources. How Twitter’s Recent Changes Affect Customer Service by Dan Gingiss. My Comment: Twitter has become an important customer service channel.