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It costs 4 to 10 times more to acquire a new customer than to keep an existing one. So, it stands to reason that company growth is about more than acquiring as many new customers as possible. It’s about acquiring the maximum number of “the right” new customers and then holding onto them. And, of course, while customer acquisition reflects growth potential, customer loss from attracting the “wrong” customers can more than negate any gains.
The key to achieving real customer growth is unifying acquisition, retention, and churn research. Think of it as a three-legged stool: Doing research in all three areas maintains balance and provides stability across your customer growth strategies. Escalent’s solution addresses all sides of the growth equation, focusing on the key reasons customers come and go. The result is a complete view of what customers do, why they do it, and how they flow from brand to brand.
Your new customers are probably lost customers from other companies. And your lost customers probably become new customers for your competitors. Successful organizations take a coordinated approach and run acquisition research and loss research continuously to capture changes in the marketplace.
Our customer acquisition analysis shows you where and how to get more of the customers you want to retain because they help your bottom line. We help you prioritize the most effective inducements, while also considering the costs to acquire new customers. When retention fails, our lost customer tracking helps you understand what to bolster to get the greatest benefit, preventing future losses by knowing the final straw that caused previous customers to leave.
Our long-game is to make your need for lost customer analysis obsolete by providing you with a clear understanding of why it’s happening.
Ask about our customer acquisition & retention research and consulting.
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