Account Retention
Developing new customers is important. Keeping current customers is vital.
Trying to replace a lost account wastes valuable time and resources and erodes your profit margin. It is estimated that it is five to ten times more costly to obtain new clients instead of retaining current ones. Loyal customers, on the other hand, generate predictable revenue that improves your company’s cash flow and financial stability.
Primary Intelligence's Account Retention Analysis is a comprehensive solution that provides your organization with vital information on why your customers renew or defect, and offers impact-based recommendations that outline how changes to key influencers will improve the future retention rate of your accounts.
If you could increase your Account Retention Rate by just 5 percent, what impact would that have on your profit margin?
Going beyond customer satisfaction
Customer satisfaction studies provide a clear view of a customer's experience and give you valuable information about your company’s strengths and weaknesses. However, even satisfied customers will switch vendors if they think they can get something better. The only way to predict and improve retention rates is to study the transactional moments—those times when your clients are deciding whether to renew or defect. In other words, when their loyalty is tested.
Account Retention Analysis helps you ensure that your customers are not just satisfied but loyal, by studying customer loyalty when it actually comes into play: during the decision making process. Using this analysis, you will understand not only what your customers want, but what your competitors are promising them, and how your customers are making their decisions.
You will be able to learn:
- Why did these companies decide to remain with you or defect?
- Who was influential in the decision?
- What factors were the most important influencers in the decision?
- What are the chances of the company returning (or defecting) in the future?
