From small businesses to huge corporations, everyone wants to know the secret to keeping customers. How do we earn repeat business for years and years to come?
In the infographic below, we use various customer retention statistics to break down the three most important aspects of customer retention:
- Why Customers Leave
- Why Customers Stick, and
- Why Retained Customers Mean Money
Understanding customer retention begins with understanding the drivers behind customer loyalty and defection, then this understanding must be supported by organizational buy-in to the economic benefits of retention. The retention statistics below can support this process in your organization.
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When Customers Stick: Customer Retention by the Numbers
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Sources for the Customer Retention Statistics Above
While the convention on most infographics seems to be generic, non-specific sourcing, we wanted to provide actual sources for the statistics used in the infographic. We attempted to find primary sourcing as much as possible. In cases when we relied on secondary sourcing that did not seem definitive, we notated that fact after the citation.
Why Customers Leave
- 82% of consumers in the U.S. said they stopped doing business… > Citation
- 73% was a reaction to rude staff… > Citation
- 78% of consumers in the U.S. said they have bailed on a transaction… > Citation
- 68% of consumers leave because they were upset with treatment… > Citation (Note: Primary sourcing could not be found, though this statistic is widely quoted through secondary sources.)
Why Customers Stick
- What parts of the customer experience cause customers to stick… > Citation
- 92% of consumers said they would go back after a negative experience… > Citation
- What happened when an organization responded to a customer’s negative comment… > Citation
- 85% of customers are willing to pay more… > Citation
Retained Customers Mean Money
- The cost of bringing a new customer to the same level of profitability is up to 16x more… > Citation
- 10x more expensive to acquire… > Citation
- 4-6x more expensive to acquire…* > Citation
- 5x more expensive to acquire… > Citation Alan E. Webber, “B2B Customer Experience Priorities In An Economic Downturn: Key Customer Usability Initiatives In A Soft Economy,” Forrester Research, February 19, 2008
- 89% of consumers began doing business with a competitor… > Citation
- Increasing retention rates by 5% increases profits by 25%-95%… > Citation
- 2% increase in retention has the same effect as decreasing costs by 10%.. > Citation (From the book, Leading on the Edge of Chaos)
- Loyal customers are worth up to 10 times as much… > Citation (Note: Primary sourcing could not be found, though this statistic is widely quoted through secondary sources.)
- Repeat customers spend 67% more… > Citation