Businesses that are successful in retaining loyal clients have shown over time to consistently increase profits from their installed client base, be that from cross selling or from vertical sales opportunities. Our research shows that increasing customer loyalty and retention by just 5% can increase profits by up to a staggering 75%!
In fact, we discovered that your dissatisfied customer will tell around 9 other people about their issue but only 4% of your dissatisfied customers will actually complain to you. On the other hand, the satisfied customers will tell 5 to 6 other people about their positive experiences.
Understanding the drivers of customer satisfaction is vital to laying the framework for a successful customer retention strategy. Why wait for the next annual survey to check on the customer commitment to your brand? Why not contact us to learn more about our recent research into this area? After all, it costs far less to keep a customer satisfied than to find a new one.