Consumers are more empowered than ever!
Faced with an abundance of choices and information, they’re looking for personalised, differentiated experiences.
And they’re not afraid to shop around.
In response, businesses are working harder to attract new customers and engage existing ones.
In this competitive new landscape, customer churn has become a big deal. Not only does churn stall growth, the costs of acquiring new customers is 5 times more expensive than retaining existing ones. In Australia, businesses lose on average between 6-8 % of customers every year. On the flipside, the benefits of reducing churn are huge - a 2% increase in customer retention is equivalent to a 10% reduction in costs.
