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Ten Staggering Statistics on Customer Loyalty and Retention

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Here are Ten Staggering Statistics on Customer Loyalty and Retention and information on how they affect your business.

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Ten Staggering Statistics on Customer Loyalty and Retention

  1. 1. We all know customerloyalty and retention drive…
  2. 2. We all know customerloyalty and retention drive…REVENUE
  3. 3. We all know customerloyalty and retention drive…REVENUEREFFERALS
  4. 4. We all know customerloyalty and retention drive…REVENUEREFFERALSREALLY HAPPY BOSSES
  5. 5. Customer loyalty and retention makes me really happy!
  6. 6. BUT…
  7. 7. Where are the stats toprove it?
  8. 8. Here are ten StaggeringStatistics on CustomerLoyalty and Retention…and how they affect you!
  9. 9. According to ForrestResearch… 5 timesIt costsmore to acquire newcustomers than it does tokeep current ones. source: bit.ly/fdsxzx
  10. 10. That’s a lot of coin… Acquisition Cost Retention Cost Current NewCustomer Customer
  11. 11. Instead of vying for newcustomers, focus your effortson satisfying the customersyou already have.* *It’s best to do both
  12. 12. When you satisfy yourcustomers, you’ll reduce theirchurn rate (also known asattrition or turnover).
  13. 13. Can you guess how muchyour profits will go up byreducing churn even 5%?
  14. 14. Not 5%...
  15. 15. Or 10%...
  16. 16. Or even 20%... (good guess)
  17. 17. According to the authors ofLeading on the Edge of Chaos…
  18. 18. Reducing customer churn by 5% can increase profits 25- 125% Profits with 5% churn reduction (high estimation) Profits with 5% churn reduction (low estimate) Profits with typical churnYear 1 Year 2 Year 3 Year 4 Source: http://bit.ly/Vwk3DJ
  19. 19. Convinced Loyalty Matters Yet?
  20. 20. According to Gartner,“80% of your company’sfuture revenue will comefrom just 20% of yourexisting customers.” Source: http://onforb.es/Q94Id5
  21. 21. Future Profits Current Customers Future Customers Source: http://onforb.es/Q94Id5
  22. 22. Additionally, according toMarketing Metrics,“The probability ofselling to an existingcustomer is 60 – 70%. Theprobability of selling to anew prospect is 5-20%.” Source: http://bit.ly/WAaE1x
  23. 23. If a customer isunsatisfied, how does itaffect your business?
  24. 24. According to Lee Resource,“91% of unhappycustomers will not willinglydo business with yourorganization again.” Source: http://bit.ly/d5XsEe
  25. 25. AND
  26. 26. “For every customercomplaint, there are 26other customers whohave remained silent.” Source: http://bit.ly/d5XsEe
  27. 27. Silence isNot Golden
  28. 28. Did you know that mostcustomer satisfactionisn’t based on theproduct or serviceitself?
  29. 29. According to ForumCorporation Research,“Almost 70% of the identifiablereasons why customers lefttypical companies had nothingto do with the product. Theprevailing reason for switchingwas poor quality of service.” Source: http://bit.ly/f5L3Ls
  30. 30. Business only attribute21% of customer churnto poor customerservice (it’s actually70%). Source: http://bit.ly/WDqg1D
  31. 31. Many companies arenow using social mediaas a great tool to aidcustomercommunication.
  32. 32. According to Sitel, “socialcustomerservice adoption is beingdriven by the youngergeneration. 15% of 16-24year olds prefer socialmedia.” Source: http://bit.ly/LfpcdP
  33. 33. With social, the stakesare higher…According to AmericanExpress, “Social customer willtell an average of 42 peopleabout a good customerexperience, and they will tell anaverage of 53 others about abad customer experience.” Source: http://bit.ly/LfpcdP
  34. 34. From social media monitoringto website messaging, thereare many tools to drivecustomer happiness throughcommunication.The important thing is toalways stay in touch withcustomers to understand theirpoint of view.
  35. 35. We hope you enjoyed thispresentation.If you found our slideshowhelpful, let us know bytweeting it and sharing itall over the web.
  36. 36. Apptegic enables you to increaserevenue, engagement, and customersuccess by automaticallycommunicating relevant messages toyour website visitors and web appusers based off of real-time usagedata.Learn more atwww.Apptegic.com
  37. 37. We’d also like to thank thefollowing Flickr users forbeing awesome…
  38. 38. In order of appearance:Racecarhttp://www.flickr.com/photos/psykotrooper/7529553538/Businessmanhttp://www.flickr.com/photos/aye_shamus/2676763850/Birdhttp://www.flickr.com/photos/hojusaram/2274489068/Swinghttp://www.flickr.com/photos/amotherslens/7856800372/Pouthttp://www.flickr.com/photos/imagesbywestfall/3606314694/Manhttp://www.flickr.com/photos/toestubber/2729767567/Questionhttp://www.flickr.com/photos/oberazzi/318947873/Social Mediahttp://www.flickr.com/photos/kdonovan_gaddy/4314364949/Megaphonehttp://www.flickr.com/photos/ari/2211074818Thank Youhttp://www.flickr.com/photos/rosengrant/3986742210/Guitaristhttp://www.flickr.com/photos/emilyrawlings/4763023078/
  39. 39. www.Apptegic.com

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