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Customer Retention CLV

Customer retention and CLV are very important for growing a good business. Balance between acquisition and retention is the key to success. New customers and  keeping them over time are extremely important.

 

CLV this is a metric all companies should be familiar with. Customer lifetime value is one of the most important things. CLV is central to a profitable business model and customer retention strategy.  

Customers retention stats should be closely monitor. There are many variation of them.

  • 66% of consumers say features, design and quality of product or service are the leading factor that determined brand loyalty (Support.com).
  • The top three reasons consumers switch brands: cheaper pricing (31%), rude staff (18%) and too many mistakes (16%) (Verint).
  • 71% of consumers have ended their relationship with a company due to poor customer service. (KISSMetrics)
  • The probability of selling to an existing customer is 60 – 70%. The probability of selling to a new prospect is 5-20% (Marketing Metrics)
  • On average, customer retention rates are 18% higher when employees are highly engaged in the retention program. (Thanx)
  • According to the White House Office of Consumer Affairs, loyal customers are worth up to 10 times as much as their first purchase.

There are many benefits of customer retention:

  • Increase CLV. Customers who stay longer spend more.
  • Data on purchase history
  • Reviews and ratings
  • Recommendations
  • Reputation of service

 If you need any help with increasing your digital activities or more tips on CLV or on how to make more opportunities for your business, then please get in contact with us here at Network Intellect. Telephone: +44 (0) 844 543 0980

 Please get in contact with us here at Network Intellect.

 

 

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