What you can expect to learn from a customer retention study
The Lassiter & Associates Customer Retention Study provides valuable insights about key account relationships and customer perceptions of your company. Each study yields strategic recommendations on how to increase customer retention and improve your bottom line.
A customer retention study will tell you:
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How your customers view your service and/or product, how they regard the account relationship, and what is most important to them. |
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Which accounts are the strongest and which ones are the weakest and could be lost unless strategic changes are made. |
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What can be done to strengthen account relationships and increase customer loyalty. |
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What is the likelihood of account growth or add-on business from your current customers. |
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What new offerings and services are desired by your customer base – knowledge that will help you focus your development efforts. |
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Which strategic or product changes offer the greatest revenue potential. |
Improve Your Bottom Line and Grow Your Business
Benefits
It costs far more to acquire a new account than to retain an existing one. In fact, some companies report that winning a new customer is five times as costly! This means that an increase in customer retention will have a positive impact on your bottom line because you save on account replacement costs. Plus, any investment in new business development is focused on growth rather than account replacement.
A custom study conducted by Lassiter & Associates, provides an unbiased view of why customers continue or discontinue their relationship with your company. Customers are typically very impressed that their vendor is taking steps to understand their needs, desires and opinions. And when implemented recommendations result in stronger account relationships, you'll benefit from an improved reputation and word-of-mouth referrals from satisfied customers.