Competition:
The only thing growing at the fastest rate for every organization is “Competition”
Acquire Vs Retain:
Studies have shown it’s 6 to 7 times more expensive to acquire a new customer than it is to retain a current customer.
Yet many businesses are still focused only on customer acquisition and see customers from the fragmented view of individual transactions
High Churn:
Businesses in many industries may lose up to 50% of their customers over a five year period.
Profitability:
Its not enough to grow revenue, it should grow in most profitable product lines
As little as a 5% increase in customer retention can increase profits by 25 to 95%.