A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favour by serving him. He is doing us a favour by giving us an opportunity to do so.
Mahatma Gandhi
All of us in business know that success depends on winning and retaining customers. Reducing customer attrition or churn, or the rate at which customers stop using your products or services is therefore a key focus for management. How can we measure if we are doing a good job at keeping our customers? We can use the customer retention rate.
The customer retention rate is a measure of how many customers you have kept against the start of a given period. You can be calculating it by assessing the following:
- The number of customers at the start of a given period (S)
- The number of new customers acquired during that period (N)
- The number of customers at the end of the period (E)
To have a true figure, it is necessary to assess the number of customers remaining at the end of the period without including the number of new customers acquired. The number of remaining customers may be calculated by subtracting N from E. To calculate the percentage, we divide the number by the total number of customers at the start and multiply by 100.
A simple example is:
- 1000 customers at start of period (S)
- 200 new customers acquired during the period (N)
- 700 customers at end of period (E)
Therefore:
Customer Retention Rate – E-N/S X 100
700 – 200 = 500. 500 divided by 1000 = 0.5 x 100 = 50% customer retention rate.
In this example above, a catastrophic drop in customer retention is shown. In real life, losing so many customers would have a drastic impact on an organisation’s revenues and profit. The impact would be felt in lost sales and the cost of acquiring new customers to replace those lost.
The importance of excellent customer service to win and retain customers is very clear. When I first started out in marketing and training, well known statistics in the public domain, used to quote that:
- 68% of customer defection takes place because customers feel poorly treated
- 95% of people who have a bad experience do not complain
- 13% tell up to 20 other people, while a satisfied customer tells only five other people
- It can cost five times more to buy new customers than retain existing ones.
Whilst it is true that the most common reason that a customer leaves a supplier is down to poor service, these figures sound tame now. They were published before the internet was invented. We know now that empowered customers can inform thousands of people of their customer experience, at the click of a button. Dissatisfied customers who upload a video to YouTube that goes viral, can attract millions of views negatively impact a company’s PR and share price, as many organisations have found out to their cost.
56 responses
Found this gem by accident and it quickly became my go to for late night sessions. The interface is super clean and the payouts come through without any hassle. It feels like a community where players actually get looked after. Definitely worth checking out. bddb1111
Found this gem by accident and it quickly became my go to for late night sessions. The interface is super clean and the payouts come through without any hassle. It feels like a community where players actually get looked after. Definitely worth checking out. bddb1111
Hey there, I just discovered this spot and I have to say the vibe here is absolutely fantastic. The games run so smooth and the support team actually cares about us regular folks. It feels like a real community rather than just another website. Thanks for making my downtime so much more fun. aufortunicacasino
The welcome bonus matched my expectations perfectly and I loved how transparent the wagering requirements were displayed. Customer service replied within minutes when I asked about payment methods. You can find everything here bd777c
Just got started with my account and the login process was so seamless. The promotions keep popping up and the support team is always friendly when I need a hand. Really solid option for casual gaming nights. jaya777login
I’ll immediately clutch your rss as I can’t to find your email subscription link or newsletter service. Do you’ve any? Please permit me recognise so that I may just subscribe. Thanks.
Finally a site that actually pays out without a million questions. The experience has been seamless from start to finish. Visit pkok777bet
Just dropped by to say how much I love the login process here. Everything opens instantly even on slower connections and the interface is so easy on the eyes. I appreciate how secure the vault feels when I am parking my hard earned pesos. A solid spot for both newbies and seasoned punters alike. See you at the tables! bk8phlogin
The withdrawals are surprisingly fast. I got my winnings in my wallet in no time. Great job to the phpaldopanalo team.
Checked out ok9betvn.com. It appears to have a lot to offer. Hoping for beginner’s luck! Take a peek yourself: ok9betvn
Registering was so easy, I was in the game within minutes. The welcome bonuses are a great touch for new players. Get started at 567jiliregister
Been playing here for a week and the winning streaks are real. The atmosphere and the game mechanics are just spot on. Love ph33jili so much.
I have been looking for a smooth login experience and this site delivers. Fast, no glitches, and I can jump straight into my favorite slots. Highly recommend it to anyone who hates waiting. Check out phjljl88login phjljl88login
Solid platform with great customer support. They helped me solve my login issue in minutes. Five stars for idcitrabet77.
The bonuses for new players are actually generous. I felt welcomed from the moment I signed up. Check out phkkjili for some great promos.
The bonuses for new players are actually generous. I felt welcomed from the moment I signed up. Check out phkkjili for some great promos.
The registration was so quick and the welcome bonus is actually generous. I am really enjoying the slot variety here. Definitely visit 55vip777loginregister to get started.
I’ve been looking for a reliable platform like this for a while. The interface is super smooth and everything works perfectly. Definitely check out bdjoya9apps if you want a hassle-free experience!
I’ve been looking for a reliable platform like this for a while. The interface is super smooth and everything works perfectly. Definitely check out bdjoya9apps if you want a hassle-free experience!
The game variety on this site is top notch. I really enjoy the interface and how smooth everything runs on my mobile phone. Highly recommend ph291jili
The graphics are stunning and the gameplay is so fluid. It is honestly one of the best gaming experiences I have had in a while. Check out bdvk777game now.
I’ve been looking for a reliable platform and this one really delivers. The login process is super smooth and the games are top-notch. Highly recommend checking out 8k8ocomlogin for a great experience!
The app version is a game changer. I can play anywhere now and the loading times are almost instant. If you want a seamless experience go for magojiliapp
I mostly play on my phone during lunch breaks and this app runs like butter. No lagging screens or confusing menus just a clean design that gets straight to the action. It feels like they built it with regular players in mind instead of just chasing quick profits. z666
I was surprised by how easy it is to withdraw my winnings. No hidden fees and no long waits. I really trust pkwwwb777.
I was struggling to get back into my account but this alternative link saved the day. Super easy to navigate. Check out zuma78linkalternatif if you are having access issues.
I was struggling to get back into my account but this alternative link saved the day. Super easy to navigate. Check out zuma78linkalternatif if you are having access issues.
Just joined a few days ago and I am already loving the vibe. The welcome bonus was a nice touch and everything feels very transparent at cv777game.
Just joined a few days ago and I am already loving the vibe. The welcome bonus was a nice touch and everything feels very transparent at cv777game.
I have tried quite a few places over the years and this one actually stands out to me. The game library is massive yet it never feels cluttered and I always spot new favorites within my first week. It has quickly become my favorite way to relax and blow off steam. You really should try it out bd6789bd
Finally found a site that doesn’t lag during peak hours. The interface is super intuitive and getting started was a breeze. Check out megawin777login if you want a smooth experience.
Super easy access and the loading speed is impressive. I love how everything is organized, making it easy to find my favorite games. Great vibes over at 991jililink.
Super easy access and the loading speed is impressive. I love how everything is organized, making it easy to find my favorite games. Great vibes over at 991jililink.
If you are looking for a place with good odds and a wide range of games then look no further. wc888game is definitely a winner.
If you are looking for a place with good odds and a wide range of games then look no further. wc888game is definitely a winner.
SMJLslot, slots slots slots! That’s what they seem to be all about. If you’re a slot fanatic, might be a good place to browse. I’d still recommend doing some research before depositing anything though. Here’s the link: smjlslot
Super easy to access and the games load instantly. I spend most of my free time here and it never gets boring. Check out 365jililogin
I’ve been looking for a reliable spot like this for a while. The interface is super smooth and the payouts are fast. Definitely worth checking out idsenopati2
Everything is so intuitive here. Even my friends who aren’t tech savvy found it easy to navigate. Total win with phtara7777
Everything is so intuitive here. Even my friends who aren’t tech savvy found it easy to navigate. Total win with phtara7777
Everything is so intuitive here. Even my friends who aren’t tech savvy found it easy to navigate. Total win with phtara7777
The registration process was super quick and I was playing within minutes. No hassle at all, which is exactly what I need. Great job by betpk44loginregister.
If you are looking for the most updated links and the best slot action, this is it. Everything is organized and easy to navigate. Visit temposlotlink for the best slots.
Valuable information. Lucky me I found your website by accident, and I am shocked why this accident did not happened earlier! I bookmarked it.
I was skeptical at first but this site really delivers. The game variety is amazing and I had no issues with my first withdrawal. Love krawin68 so far!
The game variety is insane and I love the daily bonuses. It really keeps things exciting. Highly recommend br888win9 to anyone looking for a reliable spot.
I’ve been playing here for a few weeks now and the interface is super smooth. Definitely one of the best experiences I’ve had lately. Check out vnwe88 for more.
I’ve been playing here for a few weeks now and the payout speed is actually impressive. Definitely one of my favorite spots to unwind. Check out phwin7 for a great experience!
I have had some amazing wins here recently. The bonuses are generous and the local support team is very helpful. It feels like a lucky place to play. Visit phjililucky
Love how fast the withdrawals are on this platform. No more waiting for days to get my winnings. bda444 makes everything so simple and stress free.
Love how fast the withdrawals are on this platform. No more waiting for days to get my winnings. bda444 makes everything so simple and stress free.
Had a blast playing here last night. The selection of games is massive and the rewards are genuinely exciting. Visit phokplaycasinologin for a great time.
The best place to play Patti! The competition is exciting and the gameplay is very fair. I’m hooked on pkbingopattigame now.
I love the bonuses they give to new players. It really helped me get started and build my balance. Big thanks to pkad7777 for the generosity.
Downloading the APK was a breeze and the app runs like a dream. No glitches and fast loading times. I really like bd444betapk
Really impressed with the game selection and the overall vibe of the site. It feels like a community for real players. Everything is just right. Explore bdrana88.