Post by asadul5585 on Feb 22, 2024 1:27:56 GMT -5
Some customer retention actions cannot be left aside under any circumstances! Putting the consumer first, ensuring service excellence, monitoring metrics, thinking about loyalty and retention campaigns are some of the most common strategies for retaining customers. Not only because of how important they are for the image and reputation of the company or brand, but because they represent more profitability and profitability. Anyone who has a business knows that it is necessary to attract, retain and build customer loyalty, but can you imagine that increasing your retention by 5% could bring a 25% to 29% increase in revenue? Harvard Business Review guarantees this. Working with the audience you already have, for example, is a way to increase the probability of success for your business, after all, if they already buy from you and show interest in your products and services, they will be more open to news and discounts. On the other hand, new customers need more work – and investments – to be won over and, to decide which path to follow in relation to strategies, it is important to know how to calculate indicators, such as the retention rate itself.
What is customer retention rate The customer retention rate is the metric used to monitor whether the actions your company has taken are really helping to keep the public in your business over a certain period of time. How to calculate customer retention rate To make this calculation, you need to have the following data: total number of customers at the end of the given period; number of new consumers acquired in the same period; It is number of customers you already had when the given period began. Thus, we arrive Kuwait Mobile Number List at the following formula: Retention rate = ((total customers in the period - new customers in the period) ÷ customers you already had at the beginning of the period)) x 100 As an example, imagine that your company had 30 customers at the beginning of the period determined for the calculation and that, from the beginning to the end of the time used in the account, 2 customers were lost (leaving 28). In addition, the company gained 18 new customers, totaling 46 at the end of the period.
The calculation looks like thishis way, your retention rate will be 93%, a rate considered great! Attention: the lower the percentage, the more attentive you must be to think about and implement new actions to retain your audience. How to increase customer retention One of the main ways to increase retention is to dedicate more attention to the company's after-sales , so be interested in your customers' opinions and invest in constant improvements in the relationship between them and salespeople and those responsible for FAQs, for example. Bear in mind that consumer satisfaction always begins with excellent service and that this involves kindness, agility and knowledge, that is, providing good service, without delay and with the authority of someone who knows what they are doing and what they are talking about.
What is customer retention rate The customer retention rate is the metric used to monitor whether the actions your company has taken are really helping to keep the public in your business over a certain period of time. How to calculate customer retention rate To make this calculation, you need to have the following data: total number of customers at the end of the given period; number of new consumers acquired in the same period; It is number of customers you already had when the given period began. Thus, we arrive Kuwait Mobile Number List at the following formula: Retention rate = ((total customers in the period - new customers in the period) ÷ customers you already had at the beginning of the period)) x 100 As an example, imagine that your company had 30 customers at the beginning of the period determined for the calculation and that, from the beginning to the end of the time used in the account, 2 customers were lost (leaving 28). In addition, the company gained 18 new customers, totaling 46 at the end of the period.
The calculation looks like thishis way, your retention rate will be 93%, a rate considered great! Attention: the lower the percentage, the more attentive you must be to think about and implement new actions to retain your audience. How to increase customer retention One of the main ways to increase retention is to dedicate more attention to the company's after-sales , so be interested in your customers' opinions and invest in constant improvements in the relationship between them and salespeople and those responsible for FAQs, for example. Bear in mind that consumer satisfaction always begins with excellent service and that this involves kindness, agility and knowledge, that is, providing good service, without delay and with the authority of someone who knows what they are doing and what they are talking about.