Wednesday, May 10, 2006
Telephony mag on Customer Retention: "The telecommunications industry has a higher churn rate than most other industries, according to business intelligence company SAS. And it says the cost of recruiting new customers is 15 times more than the cost of retaining those they already have. One would think that with such a contradiction, service providers would be scrambling to keep their customers happy and throwing money at solutions that help with retention." Hold on to your current customers by staying in front of them, surveying them, and adding services that they want/need. Also, swap customers with another small business in town to cross-promote. Maybe a pizza joint will give your customers a deal - and vice versa.