Most businesses have a target for growth but in contrast, not many organisations also have a customer retention target. It should come as no surprise that existing customers are easier to sell to, and furthermore, acquiring a new customer can cost a business up to five times more than retaining an existing customer. If you find these statistics surprising, it is well worth doing a little Google research – the value of customer retention is widely documented.
Customer retention is important for all businesses. To be successful in retaining customers you need to be able to measure it – do you know what your retention rate is and are you actively tracking it? Managing data can be a problem for many businesses and it’s one of the ways in which BBT can help. As digital experts, BBT gets under the hood of your business systems and finds clever ways to extract your business data, making it readily available.
When it comes to moving the dial, think about how you can lift the experience customers have with your business. Your staff can probably give you a whole list of ideas to get started with, as it’s often the people working most closely with your customers that have the best understanding of pain points and the reasons customers leave.
The experts at BBT can add further insight into the customer experience by examining the whole customer journey and helping you understand other areas for improvement. Once you have a workable plan, BBT can do the software development or support your internal team in making changes.
A focus on reducing customer loss can only benefit your business. As the market environment changes, so too must your systems in order to keep delivering the same level of customer experience – customers have a low tolerance for feeling as if they’re being taken for granted. With small, incremental changes you’ll be able to continue a focus on retention and protect your revenue.
Above all else, BBT exist to help you grow your bottom line. Contact us today to start a conversation about how we can deliver insights from your systems, and harness smart software development ideas to grow your customer retention rate.