Customer Retention
It takes time, effort and expense to win a new customer. Inevitably they're promiscuous and, in today's markets, customers have plenty of choice. It costs significantly less to retain an existing customer than to acquire a new one. Investing in customer retention is therefore a vital part of any business.
Retaining your investment requires insight and understanding. You need to take the right action, at the right time, to retain the best business - before it's too late.
Spot the signs of imminent defection. Link effort to return. Take pre-emptive action to protect your ROI. LBM customer retention services can track & report the signs of customer defection and plan for prevention.
LBM offers market leading analytical services and industry expertise that will predict, understand and prevent customer defection, therefore improving customer retention rates. From inception to execution, we pilot campaigns aimed at reducing losses by number and value. By linking insight and intelligent communication strategies, we marry the best proposition with the appropriate communications mix - all optimised for any method of contacting customers.
Our analytical approach will help your organisation to:
- Identify customers who have stopped spending using RFM segmentation
- Identify those most likely to churn using predictive modelling
- Prioritise by value and vulnerability
- Persuade customers to stay
By identifying changes in customer behaviour, your organisation will be well placed to react to these changes and prevent losses, ensuring that more customer revenue is retained and lifetime values are increased.
Learn more about LBM Analytical Services