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 ).

How to Measure and Improve Customer Retention

Lumoa

What is Customer Retention is and how can you improve it? We share the best tips on how to improve Customer Retention and tell you more about other relating KPI:s you can use. Feed generated with FetchRSS

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.

Use These Survey Questions to Predict and Increase Customer Retention

GetFeedback

When it comes to measuring the probability for a customer to return to a brand and make new purchases, many businesses rely on the typical customer satisfaction (CSAT) survey question: “How satisfied were you with your experience today?”. While it may seem that this question will determine customer retention , research on customer feedback tells a different story. Here are two very effective (and often overlooked) ways to predict customer retention.

The SaaS Guide to Customer Engagement, Retention, and Advocacy

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.

Customer retention: 35 data-backed approaches

Customer Bliss

I talk often about customer experience , but recently I’ve heard from some followers that they’d like a bit more on customer retention. The first thing to understand about customer retention is that obviously it comes straight from customer experience.

Customer retention strategy: Is it too late?

Customer Bliss

One concept I get asked about a lot is customer retention strategy. Business tends to grow as a result of two factors: Your customer acquisition strategy. Your customer retention strategy. This all leads to one place: you need a customer retention strategy.

How to Increase Customer Retention?

ProProfs Chat

Well, one answer to that question is to make more sales, and no doubt that is important, another answer to that is customer retention. And what exactly is customer retention? No points for guessing, retain customers. Build a Customer Loyalty Program.

When We leverage Our Customer Retention Superpower

One Millimeter Mindset

Each of us has a customer retention superpower. And our unique qualities, actions, beliefs and behaviors keep customers glued to our sides, year after year. Because if, and when, we leave our current employer, why is it that some of our customers follow us to our next employer?

5 SaaS Renewal Process Best Practices for Customer Retention

Totango

With a focus on lifetime customer success rather than on quick revenue raising, you can turn your renewal process into a celebration of an ongoing partnership. Customer retention is about the promise of continued growth. Understand your customer’s journey.

Technology Based Solutions to Enhance Customer Retention Strategies

TechSee

Customer churn in the age of information is a fact of life for every business in every industry. Customers have unprecedented access to data, enabling easy comparisons of alternatives, as well as hassle-free provider changes with a simple click of a button. Customer churn formula.

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.

The Secret to Customer Retention

CX Journey

Want to know the secret to customer retention? Probably not so different from what keeps your customers coming back, too. I don''t think I''m going out on a limb here to say: "Customer retention is paramount to acquisition!" focusing on customer retention.

How to Calculate and Improve Your Customer Retention Rate

Totango

Customer retention is the lifeblood of any savvy enterprise. It’s the only way to be successful in this customer-centered economy and ensure scalable long-term revenue. To retain customers, companies must make the customer experience better and ensure customers never stop seeing value from their product or service. Your customer retention rate (CRR) indicates the percentage of customers you’ve retained within a certain length of time.

5 Blog Posts on Your Customer Retention Strategy Value

One Millimeter Mindset

What is your current customer retention strategy value? I offer these five customer retention strategy value blog posts for your reading pleasure. While retaining customers is an art form, the relentless pace of technology change challenges the norm.

Customer Retention Strategy or Customer Churn Strategy?

One Millimeter Mindset

Ever think that your organization’s or association’s customer retention strategy may actually function as a customer churn strategy? My One Millimeter Mindset blog post, “ Do Our Professional Labels create Positive Customer Experiences?

The 5 Best Customer Retention Strategies for Subscription Businesses

Totango

The most desirable customer in the world is your customer. While it’s no doubt a thrill to pursue and persuade a new customer to work with your enterprise, for software and subscription-based businesses, the real value lies in customer retention.

Commit to Customer Retention, Not Just Acquisition

Customer Bliss

When sales is the power core, you have a well-oiled machine that knows how to target customers and position your product with differentiation that causes people to want to have it. However, the connectivity between the sale and the overall customer experience can be an Achilles’ heel.

Are You creating an impactful Customer Retention Team?

One Millimeter Mindset

What does it take to create an impactful customer retention team? Perhaps you read these questions and think: “creating a customer retention team isn’t even my job responsibility!” Creating an impactful customer retention team starts by figuring out who “your people” are.

Communication Disconnects negatively impact Customer Retention

One Millimeter Mindset

Communication disconnects, above all, have negative impacts on customer retention rates. First, when customers do not understand the purpose of your job function or cannot understand the words you use, they tune out and turn off. Customers feel the same way.

15 Customer Retention Strategies for Long-Term Customer Loyalty

Comm100

Your customer retention is super important to your bottom line—after all, customer loyalty is well-known for being more valuable than customer acquisition. A good blog communicates to customers that you care about solving the problems in their industry.

Start Solving the Customer Retention Ownership Conundrum

One Millimeter Mindset

The customer retention ownership conversation is not a matter of assigning this critical-to-sustainability activity to “someone” in your organization. So, just who, in your organization is responsible for customer retention ownership? Customers are smart.

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!

Difficult Customers? Read this Customer Retention Blog Review.

One Millimeter Mindset

We all experience difficult customers, from time to time. When we only have one customer as our “one and only” customer, well, things become challenging. Our difficult customers test both our courage as well as our critical thinking skills.

Customer Retention in Banking: Strategies to Get You Started

ReviewTrackers

Bank Customer Retention: Why It Matters. You’ve probably heard this more than a dozen times: retaining a customer is so much cheaper than acquiring a new one. According to Kantar , banks that lead in the customer experience index have a recommendation rate that is 1.9

3 Common Scenarios scream for Innovative Customer Retention

One Millimeter Mindset

Innovative customer retention should not be a rare occurrence. However, in many organizations, innovative is the last thing customers expect. First of all, customers continuously re-evaluate why they do business with us. Clarify the context of the customer’s issues.

18 Ways to create a more effective Customer Retention Strategy

One Millimeter Mindset

These 18 ways create a more effective customer retention strategy. Or a sales engineering professional, a customer service professional, or any other professional engaged in acquiring and retaining customers. And what is important to customers throughout that time period.

Using Monetized NPS® to Growth Hack Customer Retention

CustomerGauge

Peter Drucker, a legendary business icon, once famously wrote that the purpose of any business is to “create and keep a customer.” customer retention rates of most companies aren’t great). Blog Featured Growth Hacking NPS customer retention growth

NPS 105

How to Boost Customer Retention with Unified Customer Support

Kayako

When you give your customers exceptional support, they are 4 times more likely to reward you with their loyalty. Because helpdesks encourage your staff to see customers as faceless support tickets. . But customers are people, just like you and me. Your customers email you.

6 Customer Retention Strategies That Keep Customers Coming Back

ChurnZero

If you want your business to be successful in the long run, it pays to give priority to customer retention. Landing a customer who will pay for life is like hitting the jackpot. After all, it takes five times more effort to land a new customer than to retain an old one.

7 Ways Phone Calls and Live Chat Improve Customer Retention and Revenue

Kayako

Especially when it comes to service businesses, both traditional and SaaS, because service solutions often need to be tailored to the individual customer. Calls and live chat increase customer retention and upsell opportunities. The customer’s success takes the back seat.

Why Your Employees are confused about their Customer Retention Roles

One Millimeter Mindset

Your employees are confused about their customer retention roles. Into customer experiences, customer success and customer retention. First, ponder whether your hiring processes focus on hiring employees to fulfill customer retention roles. .

Why do Organizations have Competing Customer Retention Cultures?

One Millimeter Mindset

Are competing customer retention cultures crippling your organization or association? First, competing customer retention cultures are sustained within traditional departmental silos and business models. Book an appointment with me to better serve your customers.

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?

One Millimeter Mindset™ 2018 Customer Retention Blog Review

One Millimeter Mindset

Customer retention is a business growth, expansion and sustainability strategy. However, in reality, customer retention is firmly in the hands of everyone else in the organization who usually is not part of the customer acquisition process.

Customer Retention is a Full Time Job

Andrew Mcfarland

Since retaining customers is anywhere from 5x to 10x more cost-effecive than acquiring new customers, your business ought to start thinking about customer retention as a full time job. In a previous post I remarked about companies that view customer. How to Deliver Customer Service What Is Customer Service? Acquisition Costs Customer Service Retention