Have very high retention

high retention

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%

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But creating guest loyalty shouldn’t be the remit of just one person. Everyone should be involved. It’s not just about sending out emails with discounts, it’s about embedding ideas that make people remember your hotel and love it.