Why your clients churn: Data from 200K clients
Data from 200K clients showing why marketing service providers lose business
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Key findings in this study:
- Identifying the needs of SMBs with needs-based selling and providing relevant solutions increases client retention by 30%.
- Upselling has the highest impact on the lifetime of your clients at the 3-month mark, indicating that early re-evaluation is important. Conversely, 62% of clients that were not upsold within the first three months churned within 2 years.
- Selling an SMB 1 product has a retention rate of only 30% after 2 years. Selling that SMB just 1 more product showed an increase in retention rate of nearly 20%, while selling an SMB 4 products shows a retention rate of 80%.
- Understanding and serving the unique needs of an industry will improve retention. Vertical-specific marketing providers have 34% higher SMB retention after 3 years than non-vertical sellers, a 38% increased retention rate compared to SMBs who do not.
- A proper onboarding is key to retention. The sooner that clients engage with the solutions they have purchased, the higher their retention rate. Clients who engage weekly have a 26% higher retention rate than those who do not.
- SMBs who receive regular proof of performance reports have a 38% increased retention rate compared to SMBs who do not.
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