GrowthHackingIdea - Profits have increased 16 TIMES

3 inspiring facts about retention:

1. According to White House Office of Consumer Affairs, on average, loyal customers are worth up to 10 times as much as their first purchase.

2. Bain and Company, a global business consulting firm, states that a 5% increase in customer retention produces more than a 25% increase in profit.

3. The Harvard Business Review tested this statement and found that when MBNA America, a Delaware-based credit card company, cut its 10% churn rate in half - without making any acquisitions, MBNA’s profits increased 16 TIMES!

Here are a few reasons why customers quit:
+ Contacting a company multiple times for the same reason (91%)
+ Repeating your issue to several company reps (89%)
+ Not delivering on promises (84%)
+ Inconsistencies in multichannel experiences (58%)

Source: blog.retargeter.com


Cheers,
Charlie Patel ;)



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