Importance of customer retention

The Importance of Customer Retention in Numbers

Fall has officially arrived, which probably means you are planning for 2014. I know we are thinking about our goals and plans for 2014 at the Go iBrands office.

So how did you do this year? Do you think most of your customers will renew their contracts with you? Have you already secured them? Or perhaps you have customers who aren’t set to renew for another year, or two, or three…how are they doing? Are they happy?

A Customer Saved is Penny Earned

We came across some shareworthy information on customer satisfaction, customer retention and customer acquisition that demonstrates the importance of keeping customers happy:

  • 80% of businesses believe they deliver superior customer service, only 8% of customers do.
  • On average, customers tell 15 people about good experiences, but they tell 24 people about their bad experiences.
  • It’s estimated that U.S. businesses lose $83 Billion due to poor customer service.
  • 66% of consumers are willing to spend more with a company that they think provides excellent customer service.
  • It costs 5 times as much to acquire a new customer than it does to keep those you already have.

Check out these statistics and more below:

 

Good Customer Service Infographic

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