Small Business

Infographic – Customer Retention

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Topics: Small Business

By SpotOn

When it comes to running a successful small business, attracting new customers is only half the battle. It’s equally, if not more, important to retain your existing customers. Why? For one, it’s cheaper to retain your existing customers. On top of that, the average customer spends 67 percent more in their third year as a customer of your business than they do in their first year.

Customer Retention Infographic

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WHY IT’S IMPORTANT

  1. It’s 6 - 7 times more expensive to acquire a new customer than to retain an existing one.
  2. Boosting retention by 5% can increase profits between 25-95%.
  3. 78% of happy customers are willing to tell family and friends about your business.
  4. Businesses lose $1.6 trillion per year when customers move away from them.

WHAT KEEPS CUSTOMERS COMING BACK

Shared Values

    1. 64% of customers list shared values as the biggest driving factor behind brand loyalty.
    2. Research states that a strong emotional connection with a brand is a stronger driver of loyalty than factors like “ease” and “effectiveness.”

Customer Service

    1. Efficient, courteous customer service is important for customer retention.
    2. 3 out of 5 customers will switch brands to get a better customer experience, and 86% of buyers will pay more for a better customer experience.

Customer Engagement

    1. Customer engagement leads to customer retention.
    2. Highly-engaged customers buy 90 percent more often and spend 60 percent more per transaction.
    3. A customer who is “totally satisfied” delivers 2.6 times as much revenue as one who is “somewhat satisfied.”

Loyalty Programs

    1. Americans hold 3.8 billion loyalty program memberships. They hold enough memberships that every two people in the world could have one.
    2. Loyalty program members spend between 12 - 18% more per year than non-loyalty program members.

Sources:

  1. https://thinkrelay.com/blog/customer-retention-research-infographic/
  2. https://www.annexcloud.com/blog/21-surprising-customer-retention-statistics-2018/
  3. https://blog.accessdevelopment.com/2018-customer-loyalty-statistics
  4. https://www.fundera.com/resources/brand-loyalty-statistics
  5. https://postfunnel.com/7-mighty-customer-experience-trends-for-retention-in-2018/
  6. https://www.digitalpulse.pwc.com.au/infographic-science-customer-loyalty/
  7. https://www.visioncritical.com/customer-loyalty-stats/

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