My dry cleaners went from 95% customer retention down to 50% over the last year. For what reason? A number of factors including: –
❗ Disruption from a mobile tech player
❗ Lack of understanding of customer needs to evolve
❗Mediocre customer service
❗ Poor branding
Are you above average for your industry performance on retention? Do you benchmark retention against industry average? And understand the drivers that affect this?
Retail: 63%
Banking: 75%
Telecoms: 78%
IT Services 81%
Professional Services: 84%
Hospitality & Travel: 55%
Source: Statistica
Improving retention by 5% can improve profits by 95%
Have very high retention
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