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.

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CSAT Stat of the Month: An Unhappy Customer Tells...

"A happy customer tells 3 people; an unhappy customer tells 10 people"   What's the background? There are many variations of this CSAT stat which crop up on a regular basis. You will almost certainly have seen versions of the statistic…
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CSAT Stat of the Month

"80% of your future profits will come from just 20% of your existing customers"   What's the background? This is a well-known CSAT stat which is often cited in discussions about customer retention.It is known as the 80/20 rule,…
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CSAT Stat of the Month

"68% of customers leave as a result of perceived indifference" What's the background? This CSAT stat is quoted frequently, but where does it originate from?In 2008, John Gattorna, a visiting professor at Macquarie Graduate School of…
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Our secrets to getting more out of surveys

When was the last time you filled out a survey from a business? Most people will have been asked for their opinion multiple times this week, if not today!Customer surveys are part of life now - and you need to make sure your business is…
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How to maximise your Customer Thermometer survey response rate

Customer Thermometer's excellent survey response rate is a critical reason the service is so popular. We regularly critique and fine-tune both email and embedded surveys for our customers, to ensure they are performing as well as they possibly…