thekinigroup.com – How much does it cost for your company to acquire a new customer? Is it higher than you’d like? Well, you’re not alone. Research shows gaining a new customer is between 5 and 25 times more expensive than retaining an existing one.
Evaluate how much time and energy it takes to find a new customer. Compare this to the time and effort you must put into maintaining customer satisfaction, and most likely, you’ll see a big difference.
Churn Rate and Its Impact on Your Business Health
Churn rate is a key indication of business health and opportunity. The most innovative companies with the highest customer satisfaction rates use churn rate analysis as an opportunity to get ahead of losing customers rather than just accepting customer attrition as the natural course of business. The most analytically-savvy of all companies ensure they lose the wrong, low-profit customers and retain the right, high-profit ones.
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