Statistics both official and unofficially put the number of clients lost by companies in a year to 20-50%. In an era of disruptive startups and evolving technologies, this should not come as surprise to anyone. What is shocking according to the Harvard Business Review (HBR), is the little insights CEOs have about the cause of the mass exodus of clients and how to woo them back. Given how expensive it can be to attract new clients, companies are advised to try and build defensive walls around their existing clients and win back the hearts and minds of former and dormant clientele. This requires several things:
• Understanding the root cause of the mass exodus
• For those dormant, knowing reasons why they are no longer active
• Collecting intelligence on the satisfaction and intentions of the existing clients
Research Hub will work with clients to figure out why customers are leaving, who is leaving in terms of demographics, where they are going and what can be done to bring them to bring back. Experience world over shows that companies that invest in knowing a great deal about the behavior of their consumers do better at reducing attrition and achieving customer loyalty.
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