Understanding the Impact of “Customer Churn”

David Lithwick

Customer churn should be top of mind for all organizations. The importance of a strategically executed customer onboarding program was our last topic. Such a program cements new customer loyalty and commitment. A strong onboarding program also sets the stage for the new customer bringing you more of their business. However, the flip side of converting new customers to long term customers is losing them – customer churn. Customer Churn Definition The measurement commonly used to assess losing customers is called “churn”.  The ratio is determined by dividing the number of new customers who leave your business by the number of new customers you have acquired during the same period.… Read More

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Customer Onboarding Best Practices

David Lithwick

Introduction Adopting best practices for customer onboarding is a key factor in client retention and loyalty. Many businesses today are allocating resources to competitive intelligence, mystery shopping and market research. This is in an effort to gain a competitive advantage and increase both share of wallet and market share. However, in my experience, ensuring the customer has a memorable and seamless entry into your organization is essential. First of all – In cementing loyalty. Further – in their internalizing your value proposition. And finally, in bringing you more of their business. Therefore, having them act as your ambassadors, by ensuring your clients are brought into a lasting relationship with your… Read More

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