Retention Rate

Retention rate is hot topic amongst our customers and readers. Losing customers, especially in big numbers, is extremely unsettling and expensive. It becomes a destructive cycle; customers leave, more effort is expended getting new ones, so the company’s eyes are taken off the existing customers. Service quality declines as a result, and so even more customers leave.

We spend a lot of our time researching and discussing the very best ways to solicit feedback from customers to ensure that our client’s retention rates stay as high as possible. After all, if you don’t ask your customers how they are feeling, you’ll only ever hear from a tiny fraction of them. A fact that’s probably giving you a very false view of how you’re doing. In this section, you’ll find research, statistics, suggestions and tools to help you ensure your retention rate stays as high as possible.

competing against luck book review customer thermometer
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Competing Against Luck: Book Review

I'm writing this book review from lockdown during the COVID-19 crisis. While so much is changing, it's important to remember that in every disaster there is both risk and opportunity. One thing that's definitely true right now is that customer…
100 practical ways to improve customer experience CX review book
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100 Practical Ways to Improve Customer Experience: Book Review

Usually Customer Experience business books come out of the experience of a single person, and often also a single company, which has had a reputation for generating good CX results. This month, we've been reading a book on Customer Experience…
Fanocracy Book Review
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Fanocracy: Turning Fans into Customers: Book Review

David Meerman Scott's New Rules of Marketing and PR is one of the books I often associate with the start up phase of Customer Thermometer. Meerman Scott's insights into content marketing and the concept of generating great content to bring…
Customer Thermometer The Ultimate Question Fred Reichheld
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The Ultimate Question 2.0: NPS Book Review

Fred Reichheld published The Ultimate Question in 2006, at a time when thought-leaders started investigating the impact of customer service on a company's success and profitability. Telephone complaints lines and long-form surveys had been the…
blue ocean shift book review
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Blue Ocean Shift: Book Review

When Blue Ocean Strategy by W Chan Kim and Renee Mauborgne came out in 2004 it was a seismic book. The thrust of Blue Ocean Strategy (BOS) is that companies must create and drive up elements of remarkable customer experience to be different…
Punk CX book review Adrian Swinscoe CT
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Punk CX: Book Review

Adrian Swinscoe writes on customer experience and customer service for publications like Forbes and the BBC. Punk CX is his second book covering the topic of CX. We've all read books where the author has hit upon a good business idea and…
Customer Service and Satisfaction Statistics
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Customer Service Stats for 2020

Here we’ve collated over 100 customer service statistics, customer satisfaction statistics and quotes from various brands, industry leaders and researchers which reflect the fast-changing landscape. Customer experience and delivering high…
customer thermometer better nps score net promoter score
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How to Get a Better NPS

Net Promoter Score (NPS®), first developed by Fred Reichheld and Bain & Company in 2003, is a well-established measurement of a business' reputation with its customers. It acts as a league table for competing companies to benchmark their…
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Emoji Use in Business: a Research Report

Emoji, emoticons, icons and star and smiley ratings are all around us but how much do we really know about attitudes to their use in business? We wanted to find out! So we commissioned independent research; asking 1000 US citizens how and when…
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Customer Experience Strategies to Boost Loyalty

The average cost for a business to acquire a customer is roughly 5-25 times the cost for retaining a customer, so it's safe to say that it's worth investing in customer loyalty. But how *do* you maintain loyalty in your customer base? You…
3 takeaways from Forrester’s Customer Experience CX NYC event
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3 takeaways from Forrester's CX NYC event

Customer Thermometer sponsored Forrester's excellent CX NYC 2019 event a few weeks ago. We were lucky enough to attend many of the sessions, and have pulled together what Forrester highlighted as the biggest Customer Experience transformation…
How to Retain Key Accounts by Ensuring Client Satisfaction
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How to Retain Key Accounts by Ensuring Client Satisfaction

It is well known that it can cost up to five times more to gain a new customer than it does to retain an existing one. These days, smart, forward-thinking enterprises are paying far more attention to customer retention than ever before. They’re…