Harvard Business School: increasing customer retention by 5% increases profits 25% to 45%.
Research also found that existing customers are 50% more likely to try new products and spend 31% more, on average, compared to new customers. For ecommerce, research by Adobe shows that 8% of repeat customers are responsible for 41% of total online revenue in the U.S., 26% of total online revenue in Europe and 16% of total online revenue in the U.K.
Our voice of the customer services help our clients build customer loyalty, retention and advocacy. Our work translates improvement in customer loyalty into measurable growth in top line revenue.
Why consider our services?
- We use a proven proprietary combination of data analytics and survey instruments to identify the factors that determine customer loyalty and advocacy.
- We measure the current baseline of those drivers.
- We use a series of qualitative analyses and workshops to pinpoint and translate solutions into standard operational procedures.
- On average, our results demonstrate 13 to 25% improvements in top line revenue.
What is your improvement opportunity?
Customer retention, loyalty, or willingness to recommend. In which one of these areas are you personally convinced there is room for improvement?
Contact us today and arrange a complimentary voice of the customer business case analysis.