According to Bain and Company, attracting new customers will cost your company 5-25 times more than keeping an existing customer; while, a mere 5% increase in customer retention can increase a company’s profitability by 75%!
One metric which has gained prominence in Digital Era is Customer Retention. The entire Digital Strategy of an organization focuses on Acquiring and Retaining customers.
We engaged with a global Contact Center using advanced AI and Customer Journey Analytics to help them understand the Emotions of the customers at the point of Verbal or Non-Verbal interaction in real time and take evasive actions as per the needs of the customers. Customers were given best offers and recommendations based on the Customer emotion and issue faced.
The average contact center has an annual churn rate as high as 40%. It is estimated that the total cost of replacing an employee is between $10,000 to $15,000. Happy employees result in happy customers and vice-versa. As a result of this transformation exercise Customer Retention went up by 10% and Employee Engagement went up by 15%.