Let’s face it–returning customers and long-term employees are the bedrock of business success. It isn’t just a matter of repeat sales although that is a major factor. Long term customers tend to be loyal brand followers and they are good promoters of your brand. That free word of mouth advertising is important because people who receive their recommendations probably view them with a high level of respect and trust. When you lose customers like that you aren’t only losing sales revenue. You are losing advertising power and market reach. Losing customers means more money and effort needs to go into attracting new customers so there is also a high cost associated to losing a customer in terms of the marketing and advertising budget.
Next is the issue of employee retention. The ability to retain employees is of vital concern to companies because company knowledge grows with time and experience. Losing employees means losing company knowledge. Apart from creating havoc in having to reassign duties in the short term, there are increased costs to train, and onboard new employees, not to mention the time it takes to build trust, and successful interpersonal relationships with team members. Losing employees has a very high impact and cost on a company’s productivity and efficiency.
How do you hold the line with customers and employees? Our retention analysis provides a solid base by finding patterns in customer and employee data to isolate the factors causing staff and customer attrition. Understanding the root causes of dissatisfied employees and customers allows your company to address the most urgent problems and to focus on improving those areas so the company is able to keep both customers and employees happy, and build long term mutually satisfying relationships that benefit one another.
Don’t let your customers or employees slip away. Speak with one of our experts to learn more about how our retention analysis can help your company!