Repeat Rate is the number of customers you have serviced more than once in a two year period, broken-down by Residential and Commercial. In many industries this two year window helps identify whether you "retained" the customer or not.
Your Repeat Rate can be found in the dashboard of your ServiceMonster Home Page and Accounts Home Page.
The Repeat Rate Dashboard separates your clients by Residential (blue) and Commercial (green). The large number is the % of your active customers that have repeat business (you have serviced more than once in a two year period). Hovering over this number shows you the count of repeat clients.
The smaller number below shows the growth (green) or decline (red) of repeat customers since the previous time period. If no number is visible, that means there is no data yet to compare against.
Your Repeat Rate matters because customer retention is the most important aspect of your business in terms of financial stability. If your Repeat Rate is under 50%, you’re losing more customers than you’re keeping and need to make up the loss through additional new sales. Improving your Repeat Rate will not just increase your base revenue, but will also reduce your expenses.
Keeping your name in front of your client is far less expensive than trying to get a new customer. Not to mention that your cross-sale potential increases radically if your current clients are aware of all the products and services you offer.
Consistent, targeted mailings have proven to be the best way to improve Repeat Rate. That’s also exactly why ServiceMonster offers automated Marketing features and an automated mailing service (FMS), specifically designed to help build your repeat client base.
Click here to learn more about our Marketing features.
Click here to learn more about Fill My Schedule (FMS).
To learn more about Repeat Rate, check out this blog post!