Understanding the value of Customer Retention

>>Understanding the value of Customer Retention

Businesses need to prepare for customers to come back, and it shouldn’t stop there.

Thought needs to be given on how to retain your customers.

By engaging with customers and understanding their likes and dislikes, this can make a significant difference to the success of a business. Statistics (Markinblog) clearly show the difference a retention initiative makes to any business:

The following details why Customer Retention should feature so highly for businesses.

60 to 70% is the possibility selling to an existing customer compared to a new customer of 5 to 20%

It can cost up to 700% to acquire a new customer

Typically 65% of your business will come from existing customers

67% of Loyal Customers spend more than new ones

By retaining just 5% of your customers you can increase your profits by 25% to as much as 95%

93% of your customers are likely to make repeat purchases who offer excellent customer service

On this last point, do not assume you are offering excellent service, confirm that you are by giving your customers an easy way to let you know.

Any ‘retention’ initiatives will help your business. However, If you are looking for innovative ways to engage with your customers then please contact Umbrella Insight and see how their Insight and Engagement platform will assist you in keeping your customers loyal.  Umbrella Insight helps you to understand your customers likes and dislikes, spot trends, and with real-time alerting you can tackle any issues in the moment, to make their experience even better.

By | 2021-04-28T12:07:06+01:00 April 28th, 2021|Business Partners, Survey|