Most senior executives will readily agree that it is expensive and difficult to acquire new customers.
Most will agree that it takes considerable time and investment to build deep insight, create trust and engender loyalty with a customer.
And most will agree that customer value is generally pretty well correlated with duration as a customer.
Most will therefore conceptually agree that retention of valuable customers should be a strategic priority.
So how come you can’t show me a report that details the % of sales and profits represented by customers that defected during the last 12 months?
So how come you don’t have any analysis of the drivers of defection, highlighting the addressable factors along with action plans to mitigate?
So how come your performance reviews and bonus plans don’t have any retention goals?
How is it that you can spend the shareholders’ money to create awareness, generate trial, promote repeat and progressively build a deeper, more personalized relationship and then just let them become someone you used to know?