5 Key Customer Retention Statistics
To grow, businesses can`t rely exclusively on their existing customer base. However, businesses shouldn`t take existing customers for granted. Here are 5 Stats that show why maintaining High customer retention is essential! 1. 65% of a company`s business comes from existing customers Nearly two thirds of an average business`s revenue is generated business`s revenue is generated by customers they already have 2. Improving customer retention rates by 5% Can increase profits by as much as 95% A 5 percent increase in customer retention was shown to grow profits 25 to 95 percent. 3. It costs 5 times more to find a new customer than to keep an existing one. The cost associated with acquiring new customers can range from 4 to 7 times more than the cost of retaining customers. 4. 61% of customers take their business to a competitor when they end a business relationship When a business loses a customer,
