Tag Archives: Customer retention

Focusing on customer retention is more profitable

A study, conducted by Bain & Company, along with the Harvard Business School, shows that, “Increasing customer retention rates by 5% increases profits by 25% to 95%.” The study reveals some other notable facts about customer retention:

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The average value of a lost customer is $243

012a5145a53bd860004974e600f5fa31What in the wild world of sports is going on here ?  Companies and agency clients have a greater focus on customer acquisition than retention (44% vs. 16% for companies and 58% vs. 12% for agency clients).  KISS Metrics states retaining your customers is low-hanging fruit. Understanding how to create loyal customers so you can retain them is one of the most important things for a business.  So why is gaining new customers an issue when servicing existing customers is so important ? Continue reading