Customers churn for reasons beyond than what you think. Here are few reasons
- Price is not the main reason for customer churn; it is actually due to the overall poor quality of customer service – Accenture global customer satisfaction report 2008.
- A customer is 4 times more likely to defect to a competitor if the problem is service related than price or product related – Bain & Company.
- The probability of selling to an existing customer is 60 – 70%. The probability of selling to a new prospect is 5-20% – Marketing Metrics.
- For every customer complaint there are 26 other unhappy customers who have remained silent –Lee Resource.
- A 2% increase in customer retention has the same effect as decreasing costs by 10% – Leading on the Edge of Chaos, Emmet Murphy & Mark Murphy.
- 96% of unhappy customers don’t complain, however 91% of those will simply leave and never come back – 1st Financial Training services.
- A dissatisfied customer will tell between 9-15 people about their experience. Around 13% of dissatisfied customers tell more than 20 people. – White House Office of Consumer Affairs.
- Happy customers who get their issue resolved tell about 4-6 people about their experience. – White House Office of Consumer Affair.
- 70% of buying experiences are based on how the customer feels they are being treated – McKinsey.
- 55% of customers would pay extra to guarantee a better service – Defaqto research.
- Customers who rate you 5 on a scale from 1 to 5 are six times more likely to buy from you again, compared to ‘only’ giving you a score of 4.8. – TeleFaction data research.
- It takes 12 positive experiences to make up for one unresolved negative experience – “Understanding Customers” by Ruby Newell-Legner.
- A 5% reduction in the customer defection rate can increase profits by 5 – 95% – Bain & Company.
- It costs 6 – 7 times more to acquire a new customer than retain an existing one – Bain & Company.
- eCommerce spending for new customers is on average $24.50, compared to $52.50 for repeat customers – McKinsey.
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