New Customer Retention KPI’s & Reporting

Grand Business Insights™ has introduced advanced customer retention analysis that track retention rates and lifecycles by a variety of customer categories, such as customer type and salesperson. Using this analysis, you can segment your customers to compare retention rates for large customers versus small (in terms of annual sales) or determine how many customers are lost within the first year of service (perhaps suggesting the need to improve the quality of your onboarding), or perhaps after 5 years of service (or any designated number of years).

A company’s Customer Retention Rate is basically the number of customers doing business with a company at the end of a given period, expressed as percentage of those who were active customers at the beginning of that period. Your customer retention rate is essentially the opposite of your customer churn or customer defection rate.

Comparing customer retention by salesperson may suggest the need for salesperson training or improvement in customer service levels. GrandMetrics’ customer retention metrics measure average customer lifecycles, which are typically used to compute customer lifetime value.

Use these new retention monitoring tools to better manage your customer retention.

Keys to managing customer retention are (1) making sure you target and acquire the right customers in the first place (2) actively manage the customers acquired to ensure profitability and complete customer satisfaction (3) raising your customer’s experience well above the industry average and (4) having programs that foster your customers growth and development.
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