“In my opinion, client retention has never been more important during an ever-changing landscape.”
– Heather Francis
Altify’s 2017 Business Performance Benchmark Study found these to be B2B CEOs’ most important strategic focus:
87.3% – Customer Retention
86.5% – Revenue Growth
73.1% – Profit Growth
65.2% – Operational Efficiency
64.6% – Increased Market Share
38.0% – Cost Reduction
Customer Retention edged out all the others for the #1 most important strategic focus.
- Acquiring a new customer is 5-7x as expensive as retaining an existing customer.
- The success rate of selling to a customer you already have is 60-70%, while the success rate of selling to a new customer is 5-20%.
- Increasing customer retention rates by 5% can increase profits by 25-95%.
If all this sounds important, we need to remember that:
- 89% of businesses report their customers state that their user experience is the key factor in their loyalty.
The user experience is essentially customer service, how we serve and provide value to the customer (continually).
Well, what is the user experience that will drive customers away (to churn)?