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.

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 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…
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…