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Ten Staggering Statistics on Customer Loyalty and Retention
Customer loyalty and retention are essential for driving revenue and reducing costs, as retaining current customers is significantly cheaper than acquiring new ones. Statistics indicate that a 5% reduction in customer churn can increase profits by 25-125%, and 80% of future revenue will come from just 20% of existing customers. Poor service, rather than product issues, is the primary reason customers leave, highlighting the importance of maintaining communication and satisfaction through various channels, including social media.
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Ten Staggering Statistics on Customer Loyalty and Retention
- 2. We all knowcustomer loyalty and retention drive…
- 3. We all knowcustomer loyalty and retention drive… REVENUE
- 4. We all knowcustomer loyalty and retention drive… REVENUE REFFERALS
- 5. We all knowcustomer loyalty and retention drive… REVENUE REFFERALS REALLY HAPPY BOSSES
- 6. Customer loyalty andretention makes me really happy!
- 7.
- 8. Where are thestats to prove it?
- 9. Here are tenStaggering Statistics on Customer Loyalty and Retention …and how they affect you!
- 10. According to Forrest Research… 5 times It costs more to acquire new customers than it does to keep current ones. source: bit.ly/fdsxzx
- 11. That’s a lotof coin… Acquisition Cost Retention Cost Current New Customer Customer
- 12. Instead of vyingfor new customers, focus your efforts on satisfying the customers you already have.* *It’s best to do both
- 13. When you satisfyyour customers, you’ll reduce their churn rate (also known as attrition or turnover).
- 14. Can you guesshow much your profits will go up by reducing churn even 5%?
- 15.
- 16.
- 17. Or even 20%...(good guess)
- 18. According to theauthors of Leading on the Edge of Chaos…
- 19. 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 churn Year 1 Year 2 Year 3 Year 4 Source: http://bit.ly/Vwk3DJ
- 20. Convinced Loyalty Matters Yet?
- 21. According to Gartner, “80% of your company’s future revenue will come from just 20% of your existing customers.” Source: http://onforb.es/Q94Id5
- 22. Future Profits Current Customers Future Customers Source: http://onforb.es/Q94Id5
- 23. Additionally, according to MarketingMetrics, “The probability of selling to an existing customer is 60 – 70%. The probability of selling to a new prospect is 5-20%.” Source: http://bit.ly/WAaE1x
- 24. If a customeris unsatisfied, how does it affect your business?
- 25. According to LeeResource, “91% of unhappy customers will not willingly do business with your organization again.” Source: http://bit.ly/d5XsEe
- 26.
- 27. “For every customer complaint,there are 26 other customers who have remained silent.” Source: http://bit.ly/d5XsEe
- 28.
- 29. Did you knowthat most customer satisfaction isn’t based on the product or service itself?
- 30. According to Forum CorporationResearch, “Almost 70% of the identifiable reasons why customers left typical companies had nothing to do with the product. The prevailing reason for switching was poor quality of service.” Source: http://bit.ly/f5L3Ls
- 31. Business only attribute 21%of customer churn to poor customer service (it’s actually 70%). Source: http://bit.ly/WDqg1D
- 32. Many companies are nowusing social media as a great tool to aid customer communication.
- 33. According to Sitel,“social customer service adoption is being driven by the younger generation. 15% of 16-24 year olds prefer social media.” Source: http://bit.ly/LfpcdP
- 34. With social, thestakes are higher… According to American Express, “Social customer will tell an average of 42 people about a good customer experience, and they will tell an average of 53 others about a bad customer experience.” Source: http://bit.ly/LfpcdP
- 35. From social mediamonitoring to website messaging, there are many tools to drive customer happiness through communication. The important thing is to always stay in touch with customers to understand their point of view.
- 36. We hope youenjoyed this presentation. If you found our slideshow helpful, let us know by tweeting it and sharing it all over the web.
- 37. Apptegic enables youto increase revenue, engagement, and customer success by automatically communicating relevant messages to your website visitors and web app users based off of real-time usage data. Learn more at www.Apptegic.com
- 38. We’d also liketo thank the following Flickr users for being awesome…
- 39. In order ofappearance: Racecar http://www.flickr.com/photos/psykotrooper/7529553538/ Businessman http://www.flickr.com/photos/aye_shamus/2676763850/ Bird http://www.flickr.com/photos/hojusaram/2274489068/ Swing http://www.flickr.com/photos/amotherslens/7856800372/ Pout http://www.flickr.com/photos/imagesbywestfall/3606314694/ Man http://www.flickr.com/photos/toestubber/2729767567/ Question http://www.flickr.com/photos/oberazzi/318947873/ Social Media http://www.flickr.com/photos/kdonovan_gaddy/4314364949/ Megaphone http://www.flickr.com/photos/ari/2211074818 Thank You http://www.flickr.com/photos/rosengrant/3986742210/ Guitarist http://www.flickr.com/photos/emilyrawlings/4763023078/
- 40.