How many customers do you lose every year? How many customers leave your business and never return? Depending on the kind of business you have, you may be losing between 10% and 50% of your customers every year. Building customer loyalty is one of the best strategies for any business. Instead of spending huge amounts
Many businesses experience an annual customer turover rate of 10-25%. This means that they lose 10-25% of their customers each year. It also means that they retain 75-90% of their customers. It is hard to say – generally – whether this is good or bad, because the turnover rate varies per industry. However, a lower
The top 10% of your customers spend up to 3x what the rest of your customers spend. The top 20% of your customers are responsible for up to 80% of your total sales. These 2 numbers should convince you how important it is to make sure that the top 20% of your customers are satisfied.
It is normal for a business to lose 10–25% of their customers every year. If you are losing more than that, it is a wake-up call for you to take action. There are 5 main reasons why a customer will turn their back on your business: Your customers no longer need your product or service
In a previous post, I showed you some basic strategies to use to retain customers. If you have mastered the basic strategies, it is time to start using more advanced strategies for customer retention. These advanced strategies are also great if you have a bigger business. Reminder: your starting point needs to be excellent customer
The first question to ask yourself is whether you are selling the products and services that customers want. If not, they may buy 1 or 2 things from you and then never come back. If you are sure that you are selling what customers are looking for, then let’s start by talking about basic customer