![]() While churn can be unavoidable for many reasons, it is crucial to understand the impact it could have on your company. Your strategy shouldn’t stop at customer acquisition – you must be ready to prevent customer churn. Bain & Company tell us that increasing customer retention rates by five percent could increase profits by 25 to 95 percent! To attract new customers and establish their loyalty to your brand, you need to have a strong strategy. Small wonder when you realise that statistics show it costs five times more to attract and obtain a new customer than it does to keep a returning one. With customer behaviour changing and loyalty not guaranteed, the new normal is challenging these views! The need for a more strategic, deliberate, and integrated approach to customer marketing is the reality that a lot of businesses are waking up to. In the B2B marketing context, marketers are viewed mostly as lead generation machines focused on one of the funnels, rather than custodians of the brand and overall customer experience that owns the full customer lifecycle. ![]() It goes without saying that the mandate for CEOs in these economic times is growth. ![]() This is the year of the Customer! Not that it wasn't, pre-pandemic.
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