To advance profits in business, it helps to understand some key industry metrics associated with cultivating a positive experience when servicing clients.
|It costs 6 times more to attract a new customer than it does to keep a current one.||Understanding Customers by Ruby Newell-Legner|
|The probability of selling a new product or service to an existing, loyal client is 60-70%, while selling to a newly-acquired client is 5-20%.||Marketing Metrics, by Paul W. Farris, Neil T. Bendle, Phillip E. Pfeifer, & David J. Reibstein|
|A 5% increase in customer retention can boost profits by up to 125%.||Bain & Company|
|89% of consumers will choose to purchase from a competitor following an unsatisfactory experience.||2011 Customer Experience Improvement Study-Harris Interactive|
|70% of consumers will do business with you again if you resolve their concerns.||Understanding Customers by Rudy Newell-Legner|
|Only 4% of dissatisfied clients complain; 96% just go elsewhere.||2011 Customer Experience Improvement Study-Harris Interactive|
“[Business] marketing is about making the customer journey as smooth as possible …”
Reported by: POPAI (Point of Purchase Advertising International) – The Global Association for Marketing at Retail.
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