Retention: The Forgotten Customer Lifecycle Phase
Managing the customer life cycle takes a lot of attention to detail.
Managing the customer lifecycle takes a lot of attention to detail. And most of that focus is directed toward the first step: acquisition. For businesses to be successful, they need to attract customers first. But forgetting the retention phase could spell trouble.
Without a detailed retention strategy, even businesses with strong lead generation and closing rates can falter. The high rate of churn — customers coming in and then immediately leaving — can end up costing businesses big.
Businesses need to have a retention strategy in place. That often means employing a high-touch strategy: frequent engagement through marketing channels, personalizing the customer experience and offering a loyalty or rewards program. Contact Vectra Bank today to see how we can set your business up to succeed.