Client retention consultancy Sparked counts some of the world’s most successful brands as its clients, including Microsoft, Google, Kraft, SAP, Barclays and more. So it’s worth lending an ear when they release research that shows a mere 5% increase in a company’s client retention rate can increase profits by as much as 95%.
Many firms don’t place much emphasis on client retention, believing such fallacies as one or two poor experiences can jettison a relationship (actually, clients leave because of poor performance overall, not just a few isolated incidents).
Sparked has created this infographic to show where firms go wrong when it comes to client retention and provides the remedies for correcting it:
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