How much revenue did you lose last year as a result of lapsed customers?

The research shows that where SMEs were aware of the amount of customers they had lost in the last financial year, the median figure lost by SMEs as a result was £100,000.

Moreover, the research reveals that the large majority of challenger brands and SMEs do not know how many customers they lost in the last financial year. This is a significant issue for SMEs when a 5 per cent increase in customer retention rates is estimated to equate to approximately 25 per cent increase in profit.

SME’s and challenger brands need to take retaining customers as seriously as they do gaining new customers, copying the success models of the household name businesses they wish to displace.

See the original article in Business Matters Magazine

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