The average brand sees 25% of its customers defect to the competition. This is an alarming number, and for many companies it can be much higher. Customer retention is a major challenge for all brands. To maintain your revenue year after year, you are forced to replace lost customers with new ones, a far more expensive initiative. Acquisition is six to seven times more expensive than retention (source: Bain & Company), so why do companies let their customers walk out the door?
Here’s another revelation – customers typically don’t defect to your competitors overnight. It occurs gradually, over a period of time. We call this the process of Customer Drift™. To increase customer retention, you must first understand the primary causes of Customer Drift™ while it’s happening, not after it’s too late. All of your customers are at various stages within the Customer Drift™ process, so BehaviorWorx will first determine how many are at risk of defecting and which factors are encouraging them to visit your competitors more and more frequently.
Isolating and repairing the issues that lead to customer abandonment will result in more customers being retained year over year. Increasing your customer retention rate by only 1% could represent millions in new revenue – each year. BehaviorWorx will develop strategies and tactics specific to your business model.
Read more about Customer Satisfaction, Purchase Frequency, Spend Per Visit and Conversion-to-Purchase.
More About Customer Retention
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