Customer Retention Survey Template
Improve Customer Retention with Voxco
Retaining existing consumers is more crucial than ever in today’s competitive marketing environment. It costs 5 times more to acquire a new client than it does to keep an existing one. Thus, customer retention can go a long way in determining a company’s long-term success. Furthermore, boosting client retention by 5% might enable businesses to produce a 25% gain in profit. By focusing on customer retention, firms can drastically lower their advertising and marketing costs.
Obtaining new clients becomes less of a priority for businesses as they focus on retaining existing customers for a long time. Furthermore, because the cost of attracting new consumers is higher than the cost of retaining existing customers, firms should concentrate on meeting the demands of existing customers and retaining their loyalty.However, how do you keep your current consumers satisfied and engaged? This is where a strong customer retention strategy is required!
Customer Retention surveys are a great way to identify key strategies to implement in order to retain your customers. However, designing Customer Retention surveys can be tricky. How many questions to ask? Which questions to include and which to leave out?
Download our Customer Retention Survey Template
With Voxco’s Customer Retention Survey template, you can:
- Conduct customer retention surveys seamlessly across all channels. Ensure you reach your last customer with Voxco’s truly omnichannel reach – phone, email, offline – we have all channels covered.
- Real time insights are the way to go! Monitor as and when your customer completes a survey, with live dashboards.
- Voxco offers a library of different question types that ensure to engage customers at every touchpoint of their journey – sliders, NPS, radio buttons, card sort, image selector – you name it, we have it.
A customer retention survey aims to measure the sentiment of the customers to perform repurchases at an organization based on their experiences with the organization.
The right time to conduct customer retention surveys is after a certain duration of time when the person uses a service or buys a product.
A customer retention survey can include a mix of open ended and close ended questions to gauge the true sentiment of the customers. NPS questions can also be included.
Customer retention surveys help the organization gauge the sentiment of their customers and go a long way in fostering long term relationships with the customers, ensuring customer loyalty.
Why is customer satisfaction important?
Customers switching companies cost organizations a total of $1.6 trillion annually. But why do customers switch?
Because companies are not able to match customer expectations – a problem that can be easily resolved by conducting regular customer feedback surveys. The top reasons why customer satisfaction matter are pointed as below:
Important indicator for customer repurchase decisions :
If customers are happy with the interactions with the brand, it will lead to continuous repurchase cycle leading to improved profits over the long run.
Lower customer churn & Improve customer lifetime value:
A ‘totally satisfied customer’ contributes 2.6 times more revenue than a ‘somewhat satisfied customer’. Furthermore, a ‘totally satisfied customer’ contributes 14 times more revenue than a ‘somewhat dissatisfied customer’. Satisfied customer leads to improve Customer lifetime value for any brand.
Cheaper to retain customers than acquire new ones :
It costs six to seven times more to acquire new customers than it does to retain existing customers. Therefore, it is profitable to ensure your current customers are satisfied.
How can Voxco help in improving customer satisfaction scores?
Voxco has been used by customer-centric companies like Sephora, Yves Rocher, Mayo Clinic, American Health Association, Decathlon and many more to align customer expectations with customer service & offerings by intensive customer feedback collection.