Managing customers as assets is about simple customer math:
Incoming Customers minus Outgoing Customers = Net Growth or Loss.
It’s the first step to “customer experience reliability,” so how well does your company do it?
Rather than talking about customer retention, begin talking about these numbers:
- Incoming customers
- Outgoing customers
- Net growth (or loss) of customer asset in the selected period (Incoming Customers minus Outgoing Customers = Net Growth or Loss)
- Customers who recommended you
- Top five reasons why customers left
For many companies, every silo has varying definitions of “incoming customer,” so putting together these simple articulations requires alignment in definition and data.
If you’re in the early stages or have not yet reached maturity in managing customers as assets, take action:How to Connect Customer Experience to Business Growth
Why You Should Track the Rate of Customer Referrals
Know Your Lost Customers – the Volume, Value and Reasons Why
Start Managing Customers as Assets