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| Improving Customer Retention
Situation:
- Client was experiencing annual churn rates of over 20% (which was much higher than the industry as a whole)
- This was negatively impacting both revenue and profitability (given the high cost of new customer acquisition)
- While the management team had a number of opinions about why this was happening, they were not sure what the actual reasons were, and therefore were unclear about what actions to take
B&A’s Solution:
- Conduct a national research study among lost customers to understand the real reasons they were leaving
- Use this insight to develop a go forward customer engagement and retention plan
Result:
- Customer churn rates declined by an estimated 20% within the first year of implementing the plan, which was key in restoring overall profitability for the first time in several years
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