Increase Lifetime Value
Customer retention is vital for organizations since it generally costs significantly less to retain a customer than to find their replacement. Retaining customers for longer periods ensures marketing and sales expenses will be recovered, resulting in more profitable relationships and positive return on investment. Yet few organizations involve their marketing staff in customer retention, relying on customer service or technical support staff instead. Relationships with customers often begin with an organization's marketing staff so terminating these relationships weakens abilities to retain customers.