It doesn’t matter what business you’re in. There is nothing more amazing than what happens when brands and businesses stop focusing solely on customer acquisition, and start paying attention to customer retention.
Peter Shankman and Rachel Honig, over at Redefining Customer Service, did an awesome job on bringing to light what happens when businesses and brands stop living in the fantasy world and start paying attention to their customers.
“While you’re spending money on trying to attract brand new shiny customers, no one is paying attention to the most valuable ones – The ones you already have.” -Rachel Honig
Just the Customer Stats ma’am:
- 5X – It takes 5 times more money to acquire new customers than to keep existing ones. (Ouch!)
- 80% – Believe it or not but 80% of businesses believe they offer superior customer service when only 8% of their customers believe they had superior service. (Double ouch!)
- 85% – The fact is that 85% of consumers who have quit a business say they would have remained a customer if the business had acted differently to prevent them from switching. (Triple ouch!)
Nice Companies Finish First
Take a look at this awesome customer service infographic to see how your business may get burned and what you can do to mitigate the damage before it even starts.
Question: How many times did you say “ouch” while reading this customer service infographic?