22May 2022
Harvard Business Review recently reported if you can keep 5% of your customers from leaving, you can increase your profit by 25-95%.
A US News & World Report study found that the average small business loses about 15% of their customers each year and 11-20% of first time customers don’t return.
So why do they leave?
🔴  68% leave because of poor or indifferent service.
🔴  14% leave because of an unsatisfactorily resolved complaint.
🔴  9% leave because of price.
🔴  5% go elsewhere based on a recommendation.
🔴  1% die.
The bottom line is this: 82% leave because of a customer service issue.
If you are serious about staying in business, you had better be serious about customer service.
But what is sad is that most who leave don’t bother to complain. They just leave and don’t come back. And you are left spending a ton of money,, time and resources to get new customers to replace them.
Getting new customers is one of the most expensive things you can do to grow your business. It costs between 5 and 20 times more to find a new customer than it does to retain one.
What are you doing to bring back those lost customers/clients/patients?
I have a few ideas that might help. let me know if you wish to chat.