Guest Blog: The Customer Experience’s Impact on Customer Churn

This week we feature an article by Nick Glimsdahl who writes about how customer retention should be a priority and how to avoid losing customers.
Successful companies make it a strategic priority to retain customers because they know retention has a significant impact on their bottom line.
When considering a company’s assets and liabilities, customers should be viewed as the greatest ‘asset’, and diligent work and time should be dedicated to making sure losing customers doesn’t hold much weight on the liability side of the balance sheet.
The Cost of Churn
Loss of revenue
When a company loses a customer, there is the obvious loss of their business, which includes any immediate loss to a company’s revenue, the loss of what could’ve been that customer’s recurring business, and the potential loss of a referral.
Lost Opportunity
To compound the cost, new customers are not nearly as likely to try new products or spend as much. In contrast,