Better Insight Into Customers Improves Retention
In the current economy, most companies are focused on cutting costs as they anxiously watch revenues retreat. But it’s important not to let cost cutting undermine customer retention and further erode revenue – especially since long-term relationships represent the highest customer lifetime value and the best prospects for cross-sell and up-sell opportunities. During downturns, it’s more important than ever to focus carefully on improving the satisfaction and retaining the loyalty of valued customers. And of course, once customers are lost, it’s both challenging and expensive to win them back. If you could institute practices that reduce customer attrition, you’d protect revenue today and enhance long-term loyalty. Since most customers defect because of vendor behavior, you have the opportunity to reduce defection if you can detect customer dissatisfaction while there’s still time to act – and in the process you can gather information that will help address the issues that erode the loyalty of valued customers. This paper discusses how unified information access can help you build a strong understanding of your customer landscape. |
