Customer Retention is Expensive

In an article by Telephony, global Marketing officers are spending billions on marketing that is wasted. Why?

"The study results, contained in a report “Service Invention to Increase Retention,” found service providers crippled by internal bureaucracies and IT silos that prevent company-wide efforts to focus on and improve the customer experience."

In other words, the organization itself prevents the marketing spend from effectively retaining or upgrading customers.

"..marketing money spent to acquire new customers, upgrade their service or sell new programs wasn’t backed up by systems that can acquire and use relevant data about a customer to enable a customer service rep (CSR) to make the most of every contact with a customer to upsell, assuage and even retain that customer. “They are basically wasting a lot of money,” Neale-May said.

They needed a survey to figure this out? Call in to any of the telcos and try to upgrade or cancel service.