Acquiring a new customer is anywhere from 5 to 25 times more expensive than retaining an existing customer according to various studies. Also consider this research from Bain and Company, which tells us that increasing customer retention rates by 5% increases profits by 25% or more depending upon the industry. For example, in the financial services industry, the boost of 5% retention rate translates to an increase in profits of almost 25%.
In recurring revenue businesses, retention rates make a huge impact on business proﬁtability in many ways.
Here are the 5 ways in which VOZIQ reduces customer churn signiﬁcantly in recurring revenue businesses such as telecom, cable and internet, insurance, home utilities, and healthcare.
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