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.

measure transactional nps customer thermometer
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How to measure Transactional NPS

Pick a customer and imagine it’s the only one you have. Your first or your best – it doesn’t matter. With only one customer, you can afford the time to invest in understanding their motivations and be responsive to changing needs. But…
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 Stats 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…
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Top takeaways and quotes from Quirk's Event London

Earlier this week I went to The Quirk's Event in London. The Quirk's Events are market research and customer insight focused. They are held all over the world and the London lineup featured speakers from Salesforce, Microsoft, Molson Coors,…
5 customer-centric habits of the most successful companies
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5 customer-centric habits of the most successful companies

Highly successful businesses have a great reputation for treating customers well. In other words, delivering a great customer experience (CX). In each business, the customer profiles are different, as are customer journeys and expectations…
How to Avoid Losing A Major Client
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How to Avoid Losing A Major Client

Most, if not all, organizations will have a major customer or two. These are the key accounts that have a significant part to play in your business success; potentially ruining your year (or, at the other end of the spectrum, doubling your sales)…
How to create a satisfaction-survey in 2019 blog header
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How to create a satisfaction survey in 2019

It’s never too late to tune-up your customer satisfaction tactics. And when it comes to satisfaction surveys, 2019 is going to demand some new thinking so that your organization gets maximum value from its customer insights. We’ve taken…
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30 Customer Survey Response Rate Facts

We are in the midst of rapid and radical technological and social change. These changes are having an enormous impact on the ways in which customer surveys are conducted, response rates achieved and customer expectations. Here’s our latest…
vanarama customer service case study
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How Vanarama responds to customer feedback in real time

Vanarama is the UK’s largest van leasing broker, with nearly 250 staff selling 1,200+ vehicles per month. It is one of the Sunday Times Best Small Companies to Work For and is a National Business Award winner for Best Small to Medium-Sized…