Here is a comprehensive listing of Customer Retention Statistics in a video format. My favourite speaker, Jeffrey Gitomer has an audio clip attached for interesting reading and listening at the same time.
1. Attracting a new customer costs 5 times as much as keeping an existing one.
• Source: Lee Resource Inc.
2. Happy customers who have their problems resolved will tell 4-6 people about their positive experience.
• Source: the White House Office of Consumer Affairs, Washington, DC.
3. A typical business hears from only about 4% of its dissatisfied customers. 96% just go away and 91% will never come back.
• Source: “Understanding Customers” by Ruby Newell-Legner
4. A dissatisfied consumer will tell between 9 and 15 people about their experience. About 13% of dissatisfied customers tell more than 20 people.
• Source: White House Office of Consumer Affairs, Washington, DC
5. 86% of consumers quit doing business with a company because of a bad customer experience, up from 59%4 years ago
• Source: Harris Interactive, Customer Experience Impact Report
Watch this video for more statistics and a audio clip from Jeffrey Gitomer:
If you would like to know more about how the ASK LISTEN RETAIN System or how it can help create customer retention and loyalty, please contact us.