Hold On to What You’ve Got

According to various published reports, the average American company today loses 20 percent to 40 percent of its customers every year, and it comes at quite a cost. Research shows that when a company retains just 5 percent more of its best customers, profits can increase 25 percent to 85 percent depending on the industry. Accepting the fact that “churn” is part of business today, multichannel marketers should have a process in place to try to recover some of these lost customers. Churn is when marketers lose names or customers and replace them with other acquired names