Why Do You Need a
Specialised Retention Team?
While most companies traditionally spend more money on customer acquisition because they view it as a quick and effective way of increasing revenue - customer retention often is faster, on average, costing up to seven times less than customer acquisition.
Selling to customers with whom you already have a relationship is often a more effective way of growing revenue because companies don’t need to attract, educate, and convert new ones.
Reasons for losing business
Impact of Retention Rate Over Time
Companies that shift their focus to customer retention often find it to be a more efficient process because they are marketing to customers who already have expressed an interest in the products and are engaged with the brand, making it easier to capitalise on their experiences with the company. In fact, retention is a more sustainable business model that is a key to sustainable growth.
The proof is in the numbers: according to studies done by Bain & Company, increasing customer retention by 5% can lead to an increase in profits of 25% – 95%, and the likelihood of converting an existing customer into a repeat customer is 60% – 70%, while the probability of converting a new lead is 5% – 20%, at best.
Y = Percent of Customers Retained / X = Time
CRG have a specialised team that receive calls regarding cancellation requests. Our inbound team specialise in empathising with the customer to build rapport and understand their needs.
Targeted questioning is later used to recommend a more suitable resolution through quality conversations whilst building value in your company and product.
Once customers have voiced their feedback, this enables us to resolve their issues before their decision is final. This is a very effective way of retaining or gaining valuable feedback and identifying issues within the business to stop future loss of service.
CRG have a specialised team that contact customers that have requested cancellation without the opportunity of speaking to a retention team.
Our outbound team will endeavour to get in contact within 2 days of their cancellation request to understand their needs and recommend a more suitable resolution whilst building value in your company and product.
This enables us to contact the customer at a more convenient time for them. This is a very effective way of retaining or gaining valuable feedback and identifying issues within the business to stop future loss of service.
CRG sales consultations are designed for businesses who already have an existing retention team but are not getting the desired results.
Our coaches come to your business to work with your leaders and team on key skills, areas of opportunity and how they can achieve higher results.
CRG business seminars can be arranged at agreed locations for a larger audience of management and staff of all levels.
Through consultation with your business, we determine your key objectives for an event to deliver professional training specific to your industry, products, people and areas of improvement.