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 | From the Editor's Desk
The Value of Keeping the Right Customers Depending on which study you believe, and what industry you’re in, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one. It makes sense: you don’t have to spend time and resources going out and finding a new client — you just have to keep the one you have happy. If you’re not convinced that retaining customers is so valuable, consider research done by Frederick Reichheld of Bain & Company (the inventor of the net promoter score) that shows increasing customer retention rates by 5% increases profits by 25% to 95%.
“Customer churn rate is a metric that measures the percentage of customers who end their relationship with a company in a particular period,” says Avery. Typically the churn rate is measured by month, quarter, or year, depending on the industry and the product you’re selling. An annual rate is the default for most companies but any company that prices product on a monthly basis — think mobile phone service providers, gyms, and software as a service companies — looks at customer churn rate by month. Some other firms — those who have a faster churn rate or for whom losing customers is a big issue — will also look at it monthly.
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