How do you increase your customer retention rate?

Customer retention is one of the most important pieces to your businesses success. Unfortunately, it is also a funnel that is overlooked.  As business owners, we get so focused on the acquisition of new customers that retention becomes neglected.

Neglecting your customer retention rate can be the kiss of death to your business.

Did you know that it costs your business 7x more to gain a new customer than to keep an existing one?

Why is this?...simple...MARKETING costs a lot both in time and money.

Not to mention, marketing companies are usually solely focused on the acquisition funnel.  I am by no means stating acquisition shouldn’t be a part of your marketing strategy.  What I am simply stating is that you need to pay attention to your retention rates.

It’s your loyal (repeat) customers who keep your lights on, tell friends and family, and make you successful.

GetRevvi Customer Retention

So what simple actions can you take to reduce customer retention and save money.

  • Provide the best value

  • Provide the best customer service

  • Capture service satisfaction scores - make this process easy

  • Make communication with your business easy

  • Listen to your customers

  • Respond in a timely manner to communications and/or any negative reviews

  • Do what you say you are going to

  • Finally, be honest

The vast majority of these actions take little to no money but there are tools available to automate/streamline some of these processes.

Here is a link to a post from that can assist you in calculating your retention rate.

The bottom line is it is time for you to look at your customer base to understand your retention rate.

“Heed the Bubble”