Reducing Customer Defection Rate
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Today, companies are increasingly concerned about customer defection. There are three main steps a company can take to reduce the defection rate. Characterize those three steps.
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Solution Summary
This solution discusses strategies for assessing the causality of customer defection and explains how to manage defection. Additionally, one formatted reference is provided for further investigation of the topic.
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Defection Rate
Steps to reduce defection rate:
One of the steps that a company should take in order to reduce defection rate is to define and to measure the company's retention rate. An accurate measurement of the retention rate helps the company to evaluate the satisfaction of customers. Companies should define their retention rate by coming up with a more reflective and accurate measurement that would help in attracting more customers and retaining the existing ones. A company that satisfies its customers and is performing well means that it is experiencing a high retention rate. A company should ...
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