Retaining Your Customers

It is eight to ten times cheaper to keep an existing customer than it is to acquire a new one, so companies are justified in devoting increasingly more resources to customer retention programmes. With access to huge amounts of information at their fingertips, customers can no longer be expected to be retained by default - a proactive approach is definitely required. Gaining an in-depth understanding of customers and their behaviour is the starting point of any retention strategy.

Retention strategies should be focused on those customers who are most valuable to your business. It makes sense to allocate additional resources to retain customers who have returned your investment in them, or will do so in the future. By completing a profitability analysis for each customer, Datamine can help you identify those worth cultivating.

Datamine can also provide insight into why customers churn, through analyses and profiles that identify the characteristics and behaviour of churned customers prior to their defection. Predicting churn is a proactive strategy to customer retention, enabling you to act before it occurs and, in the process, foster loyalty among high value customers.

Churn analysis and profiles can identify churn 'hot spots' relating to aspects of service provided by your business. This can enable you to develop specific initiatives designed to improve aspects of service identified as contributing to customer churn.

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