IT sounds like common sense, but did you know that keeping a customer happy makes a returning customer? Just a 5% rise in customer retention can provide 25% increase in total revenue. More than half of customers, once deciding to switch businesses will not return.
Methods for increasing customer retention are receiving and implementing customer feedback from all aspects of your business, let your customers know you received their feedback, and most importantly, do something with the feedback.
- Most customers will not visit a business that they have abandoned after deciding to switch.
- Collecting customer feedback is vital to understand the good and bad.
- The way that a product is communicated can be more responsive to customers than price changes.
“To make mass data really useful you’ll need to track against at least five key areas of customer satisfaction: value for money; likelihood to recommend; range of products; customer service; and customer experience.”