Value. The sooner your customer starts receiving value and the longer they keep receiving the value, the longer they will remain a customer. Consider these statistics, courtesy of Thomasnet:
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80% of your future profits will come from 20% of your customers
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The average repeat customer spends 67% more in months 31-36 of their relationship with a business than they do in months 0-6
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A 5% increase in customer retention can lead to an increase in customer retention can lead to a a 25-95% increase in profits
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A 10% increase in customer retention levels results in a 30% increase in the value of the company
It’s all about how you can help your customer be successful. Read more about customer success here: https://www.thomasnet.com/insights/what-s-the-secret-to-keeping-repeat-customers-committed-to-your-business-part-1/?ecms_id=eca73c9a-bc8f-4888-95f3-987801da49c4&ecms_short=ART3260&doc_type=ted_article&sponsored=&acct=&parent_id=761b1f2b-5e5c-4f4b-9b07-1e87aa2072ab&utm_content=featuredstory&position=2&linktype=title&channel=email&campaign_type=thomas_industry_update&campaign_name=tiu200715&utm_campaign=tiu200715&utm_medium=email&utm_source=thomas_industry_update&tinid=227191300
How does your business provide value and differentiate from the competition? If you need advice, check out our blog series, Six and a Half Steps to Mastering the Lost Art of Differentiation: https://rivetmro.com/blog/industretail-six-and-a-half-steps-to-mastering-the-lost-art-of-differentiation
