More than half of companies (60%) struggle to measure the results of their personalization campaigns.
Average Customer Loyalty by Industry
Different industries will have better or worse customer retention. In this section, we look at the best and worst industries for customer retention and what they can achieve.
Media and professional services have the best customer retention rate, with a retention rate of approximately 84%.
The sectors with the lowest customer retention rates include the accommodation, restaurant and travel sectors, where the rate is around 55%.
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Interestingly, although switching suppliers can result in savings, the insurance industry is also quite successful at retaining the masses.
The customer retention rate for IT services is approximately 81%.
Construction & Engineering has a high client retention rate, averaging 80%.
Retail has one of the lowest customer retention rates at just 63%.
Consumer services and manufacturing also kuwait whatsapp resource had poor customer loyalty, with a 67% retention rate.
Churn Rate Statistics
Churn Rate Statistics
Source: hubspot.com
Customer churn rate is the number of customers lost by a business. This statistic is vital because it shows how many customers believe they could get a better deal or service from another supplier. Lower churn rates typically mean better customer retention.
Cable and financial/credit services have some of the highest customer churn rates, with churn rates of 25% each.
General retail also has a very high churn rate of 24%, while online retail is only slightly better at 22%.
Big Box Electronics has one of the lowest churn rates at just 11%.
Global businesses may experience a 30% churn rate.