Blog posts tagged customer retention

Companies lose half their customers every 5 years

According to a recent Harvard Business Review study, US companies lose half of their customers every five years, with two-thirds of them citing inadequate customer care as their primary reason for leaving...

"If customer loyalty is increased by just five per cent, profits can increase by 25 per cent. "
 
I often quote the figures from Leboeuf that up to 65% of clients leave you because they feel that you just don't care - you don't make enough effort.

So, how much does it cost for you to acquire one new customer? How long do they stay with you? What is the average gross profit/contribution over the life-time of a customer?

Actions:

• Do a customer survey every three months - find out who is and is not happy with your service (90% of businesses have not done a survey in the last three months!)
• Use a customer satisfaction/happiness form after as many customer interactions as possible
• Find 10 ways to get closer to your customers right now!

How can you not want to have incredibly loyal customers right now?!