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.

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…
How Successful Startups use Customer Success
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How Successful Startups use Customer Success

For many companies, especially those providing SaaS, most of the revenue derived from customer relationships is produced post-sale. It therefore makes sense to focus on both retaining customers for as long as possible and developing these…
phs Compliance csat case study
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Putting customers at the heart of phs Compliance's service

Since its formation in 1991, phs Compliance has enjoyed substantial growth. It is now a major provider of property and facilities management services, employing over 500 people and delivering over 14 million compliance inspections across 35,000…
Combatting MSP churn
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Combating MSP churn

We’re into the second full day of Kaseya's ConnectIT 2019 event. One of the major topics of content and conversation here at the event so far has been how to combat MSP (Managed Service Provider) churn. In a world where customers are deeply…
How MasteryPrep raised the bar in feedback excellence
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How MasteryPrep is raising the bar in feedback excellence

College prep is a serious business, especially in the US. However, only one in four students score college-ready on the ACT (The ACT is a standardized test used for college admissions in the United States) For low-income and minority students,…
ParentPay CSAT
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ParentPay Passes CSAT Exam With Flying Colors

Schools have undergone a cashless revolution since ParentPay launched its innovative payment solution in 2002. As a result of removing cash, schools have saved millions of hours of time accounting for meals, trips, uniforms and other school…
Why service is the lifetime value of your product
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Why service is the lifetime value of your product

It used to be received wisdom that ‘a good product speaks for itself’. You don’t hear that so much nowadays. Why? Because the product alone contributes a diminishing proportion of the overall lifetime value from each customer. It certainly…
The Lost Art of Talking to Customers
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The Lost Art of Talking to Customers

According to the Q1 2018 Nielsen Total Audience Report U.S. adults, on average, are spending 11 hours a day connected to linear and digital media, watching movies and videos or looking at social media. Another study highlights that although…
Lands End CSAT
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Retailer Lands' End shares its success using Customer Thermometer

“We have been completely blown away by the results of using Customer Thermometer. In the first 3 months, we had x6 times the number of responses we hoped for. Not only that, the customer satisfaction level is awesome – a real validation…
3 customer support teams you should know about
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3 customer support teams of the future

The truly great sports teams don’t just get great results. They each have their own unique character that inspires loyal fans. They set standards for the next generation to beat. And what about the acclaimed teams from TV and film like…
Customer Service and Satisfaction Statistics
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Customer Service and Satisfaction Statistics for 2019

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…