"Development of new markets and new customers is always important to growth," said Hinckley. "But it is equally important to avoid the 'leaky bucket' of customer attrition. Some of a company's biggest hidden costs are related to customer churn. Acquisition of a new customer may cost up to five times more than retaining an existing one." Gaining insight into customer growth and preventing the "leaky bucket" of attrition not only facilitates greater revenue growth, it also allows sales reps to increase sales by pursuing opportunities they previously did not know existed.
Over the course of the webinar, Hinckley and Torrence will present a series of five proven steps for reducing losses due to customer churn. "The process goes beyond ordinary metrics," said Torrence. "Knowing the churn rate is a good start, but remediation efforts have to take into account what types of customers are being lost, and why. With the right information, a more effective strategy can be created to minimize loss, keep customers happy and contribute to revenue generation."
Blue Ridge Partners' Executive Briefing, “Defeating the Invisible Killer of Revenue Growth," provides the framework for the webinar discussion. The five-step process begins with a fact-based analysis of existing attrition, which results in a deeper understanding of all existing accounts and which accounts have the best potential for growth. This is followed by creation of attrition-prevention strategies, and developing an early warning notification system that would allow a more proactive approach. With those alerts in place, the fourth step is to establish a response mechanism, and then finally to monitor customer retention on an ongoing basis. Those interested in registering for the webinar or obtaining a copy of the Executive Briefing can clickhere for more information.
The multi-webinar series explores the Revenue Equation®, an original, metrics-driven concept for growing core business revenues. The series presents information on new tools for adding new customers and retaining existing ones, increasing share of customer spend, pricing efficiently, and optimizing the productivity of the sales and marketing functions. The first of the webinar series, "Seven Surefire Ways to Add Customers," was held on June 11, and featured an interactive session highlighting seven specific ways to successfully and consistently add new customers. Click here to view the 30 minute webcast.
About Blue Ridge Partners
Blue Ridge Partners is a management consulting firm exclusively focused on helping companies accelerate profitable revenue growth. The firm works with Fortune 500 and upper middle market companies to enhance their strategic understanding of markets and customers and to improve their execution in sales and marketing organizations. For more information, visit www.blueridgepartners.com.