Most years, an average of 14 percent of your hospital clients will move. One percent will die and one percent will get seriously ill. Job loss will hit another 1.25 percent and 1.5 percent will divorce. Combined with a natural, annual attrition rate of almost 20 percent, it is important to prioritize how you will attract new customers. Unfortunately, that attention to new customers often threatens your base of the remaining 80 percent of your clients. Thus, retaining clients warrants as much of a focus as attracting new ones.
Source: CMO.com, September, 2016.
It turns out that to get current customers to renew requires you to actually reinforce the causes of status quo bias as opposed to new customer acquisition approaches that must deliberately disrupt those biases.
INSIGHTS: Your existing customer base is either an asset or a liability in the new customer acquisition game. Satisfied customer will tell three friends. Your dissatisfied customer will tell nine to 10 people. So the “Why stay?” conversations can be doubly rewarding.