Available from SIGMA Marketing Insights
Finding ways to keep the customers you already have always delivers greater ROI than finding new customers. Building a complete understanding of your company's customer retention situation is extremely beneficial to slow any potential bleeding and drive customer growth.
To begin, companies need to understand what type of customers defect, what causes defection, and how big the problem truly is before it can be stopped. Your customer attrition could be related to customer onboarding, specific demographics, or even customer service. Or, it could be that customers who leave don't really have the potential to be high-value customers anyway, so the churn is both expected and not entirely bad.