about 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
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.
An angry customer doesn’t mean a lost customer. In fact, if you handle the situation well, it will likely build greater trust and strengthen the customer relationship. But you’ve got to act fast – a dissatisfied customer or client will only provide a very narrow window of opportunity for resolution.
For advice on counteracting negative human emotions and feelings, a natural port of call is psychology