It’s sick to see customers leaving. Sometimes it hits us hard, but many times we even don’t know if a customer has really left!
- 5% increase in retention can see up to 50% increase in profits
- 2% increase in customer retention has the same effect as decreasing costs by 10%
- 80% of satisfied customers are open to offers from competition
- On an average, companies lose 20~40% customers every year
- 80% of marketing efforts are spent on new customer acquisition & 20% on retention
- It costs 16 times more to market to a new customer as compared to an existing customer!
Sources: Leading research & consulting firms
In fact in B2B businesses, its even tricky to identify if the client has really attrited.
If you are experiencing any of the following, then you have a problem with customer churn:
- Your organization’s customer attrition is greater than industry churn
- Your customer churn is constantly increasing or unpredictable
- Your revenue stream dependent on few major accounts
- Your cost of client acquisition and onboarding is very high
- You can’t agree if a client has attrited or not
- You have done all types of analysis but not able to fix the leak
Does this resonate with you?
Though there are a myriad of reasons for customers to leave, but identifying the system level root cause for client churn can provide permanent solution rather than one-off fixes and so it is your priority.
Arrest Client Churn & increase share of business
If this is your priority, we can help in a variety of ways:
- Perform in-depth and holistic analysis and identify system level barriers for client churn
- Evaluate CX in the end-to-end lifecycle of the customers to identify tech, process, policy and skill gaps
- Facilitate workshops for capability building of internal teams
- Mentoring teams to perform customer churn effectively
But it all depends on what your real pain point is? Contact us to identify simplest ways to help you make quick, lasting and measurable impact.
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