in Customer retention
Heralded as a silver bullet in guaranteed revenue streams, customer retention is still largely a minefield for many businesses. With around of 20% of customers not returning to nearly a third of businesses after their first purchase, retention is becoming a big problem in many businesses.
Depending on what industry you’re in, acquiring a new customer can be 5 – 25 times more expensive that retaining an existing one. Research by Bain & Co
Consistently understanding and improving your customer retention strategy might be the single most important thing you can do as manufacturer.
Bold claim? Perhaps.
But the numbers don’t lie. Increasing your customer retention rates by just 5% can increase your profits by 25-95%.
But it is not good enough to know just that your customers are leaving you
Customer retention can be challenging for even the most seasoned of account managers. In this infographic, we share 6 game-changing statistics that demonstrate exactly how important a good customer retention strategy is.