If you have customers, you care about churn and retention. According to recent research by Ivesp, it typically costs 5 times more to acquire a new customer vs retaining an existing customer, and increasing customer retention rates by 5% increases profits by 25% to 95%.
An effective retention strategy needs to deliver actionable answers to 3 key questions:
- What are the changes we need to make to our business to reduce churn?
- Which customers should we focus our retention efforts on?
- What offers or incentives are most likely to be affective for each
Learn more about DataSparQ’s intelligent retention solution here: DataSparQ retention