Repeat customers are the largest source of revenue for more than 43 percent of small business respondents to a recent survey by Huzzah Media. The SECOND source of revenue cited by these small businesses was “word of mouth”—or, put another way, that first large group of repeat customers telling someone else about their experiences with a certain company. That’s probably reason enough, isn’t it, to figure out how to keep your customers once you’ve got them?
The folks at Kissmetrics have conducted their own survey recently, and then they turned the results into a fun infographic that you can find here:
In short, they learned that…
- The average company loses 50% of its customers over a 5-year period.
- 59% of people have stopped doing business with a company due to poor service.
- Only 10% of companies had an “excellent” service rating.
- 40% of customer support calls could’ve been avoided if the company had simply provided good documentation.
- A recent study demonstrated that an 8% increase in customer satisfaction results in an increase in profits of up to 28%. [Source: Kissmetrics]
All this customer information should serve one purpose for you and your company: Make sure you’re providing stellar, over-the-top customer service to your current customers so that 1) they will return and 2) they will tell others about you.