Introduction
As customer acquisition costs rise, retention has to be a top business priority. But are your clients happy?
Data from the Institute of Customer Service suggests they might not be, as average customer satisfaction in the UK fell in 2023 and is at its lowest since 2015. However, when customer service is prioritised, the reputational and financial benefits are clear.
Happy clients are more loyal, more likely to refer you and more profitable.
Just a 5%[1] increase in retention can generate a 25% increase in profits.
In this guide, we’ll explore how brilliant customer care delivers a competitive advantage and share what progressive businesses are doing to keep clients returning.
We’ll explore the importance of understanding clients’ needs, mapping the customer journey and improving business processes to drive retention, and how Moneypenny can help. We will also share tips to help businesses improve retention and deliver the best customer experience.
