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How Does Customer Retention Increase Profits?

Did you know that if you raise your customer retention rate by a mere five percent, you can increase revenue by 25% to 95%? It makes sense since the longer you have a customer on your books, the more money they’ll be paying. Take a look at your customer lifetime value (CLV) to understand how much will be lost if a customer is not retained. Your CLV is the total expected profit from a customer over a time period. Keep … Read More

How Do I Really Know How My Customer Feels About My Company?

Word of mouth recommendations from happy customers can be a great way to attract new customers. But did you know that unhappy patrons tell between nine and 15 people about their negative experiences with a brand? Are your customers happy with your company? If you can’t definitively answer this question, you’re missing out on significant growth opportunities, and you may be losing sales and customers. The majority of dissatisfied customers will leave without voicing their concerns. Unless you’re surveying customers … Read More

5 Key Factors to Increase Customer Retention

Acquiring new customers is five to 25 times more expensive than retaining existing customers. What is your company doing to increase customer retention? Customer satisfaction and loyalty significantly impact a company’s client retention abilities. The realization that a higher customer retention rate can increase profits by 25 to 95 percent is a strong motivator to strengthen this facet of your business. In this article, we’ll examine five factors that you can focus on to reduce customer churn and keep customers … Read More

Where Does Customer Retention Begin?

  The top reason customers leave a company is that they don’t think the business cares about them. Customer retention efforts must be embedded into the sales process from the very first interaction and throughout the entire lifecycle of a customer. That’s right. The responsibility doesn’t fall wholly on to the customer service or account management teams. Sales and delivery teams have to contribute, as well.   How Can Salespeople Help with Customer Retention in the Early Stages of a … Read More