Psychology of Churn Research

PSYCHOLOGY OF CHURN RESEARCH

In 2023, a historic 57.7 million anglers aged six and above went fishing. Additionally, 19-percent of the U.S. population participated in fishing, its highest rate in 16 years. However, over 23% of anglers lapsed out of fishing in 2023. Boating participation is facing similar headwinds. It is estimated that 85 million Americans went boating in 2023, which is down from about 100 million in 2020. If the number of lapsed participants can be reduced, total participation rates will soar, generating more revenue for industries and more funds for government conservation efforts.

Recognizing this, RBFF initiated a comprehensive, multi-phase research project to better understand why anglers and boaters lose interest. The research identified the drivers of attrition among lapsed participants, leveraging behavioral science frameworks to dissect attitudes, motivations, barriers, and beliefs.

Below you will find the research report and other resources that can be used to help retain anglers and boaters.

Retaining anglers and boaters is smart business:

The average annual spend of an angler is $1,500.
Retaining just half of the lost anglers from 2023 would mean an additional $9.2 billion in revenue!
Research found existing customers are 50% more likely to try new products and spend 31% more, on average, compared to new customers.
Acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one. (Harvard Business Review)
The probability of selling to an existing customer is up to 14 times higher than the probability of selling to a new customer. (Forbes)
Bain & Company and Harvard Business School report that "increasing customer retention rates by 5% increases profits by 25% to 95%.”
New customer acquisition costs have increased by almost 50% in the past five years.
More anglers and boaters on the water means more funding for aquatic conservation

Accessing the Psychology of Churn Research & Retention Strategies Hub

To download the research, retention and reactivation strategies based on the research, the webinar recording about the research, and more, please provide your contact information below. The materials include:

How to get them back on the water and keep them there: Universal strategies for retention and reactivation.
Why do anglers and boaters lapse?
Additional barriers to participation: What else might anglers and boaters need to lure them back? Lapsed participant personas.
Psychology of Churn research—Full report (121 pages)
Webinar presentation with recording
Additional ideas to get started now

Fill out the form to access more information in the retention strategies hub.

RBFF will be adding more resources for different stakeholder audiences throughout the year. Be sure to check back and sign up for NewsWaves to be notified when new resources are posted.