American companies lose $136.8 billion per year because of avoidable customer loss due to poor customer retention management (Forbes). The worst thing about this is that the majority of it could have been avoided.
Customer retention stats indicate returning customers are 5x more likely to repurchase, 5x more likely to forgive an error, 4x more likely to recommend and 7x more likely to try new products. More than a decade ago, Harvard Business Review found that the number one impact on customer loyalty was reducing customer effort. What steps are you taking to make it easier for your customers to do business with you so you can increase your customer retention rates and reduce avoidable customer loss?