Client Retention

Client Retention

Opportunities & Applications

Client Retention – Deep level insight of your clients online intent letting you know who, when and why your existing clients are looking at replacing you or for additional products and services you offer.  Having this knowledge allows retention teams to step in before it’s too late. most cases, they don’t know the client is looking to refinance until it’s too late.

*Real world application –  Mortgage loan attrition.

A mortgage bank servicing 500,000 loans is losing existing clients to refinancing deals from outside companies.

A client retention program was initiated that alerts the bank in real time when one of their existing clients shows InMarket intent for a refinance. Client success team can intervene and has an opportunity to keep refi’s in-house.

Cheaper to Keep 'em

The costs of acquisition average 5x more than costs of retaining an existing client and 16 times more to build a long-term business relationship with a new customer.

Retention = More Profits

Increasing customer retention rates by 5% increases profits by 25% to 95% according to research done by Frederick Reichheld of Bain & Company.

Client Retention Matters

Loyal customers are 5x as likely to repurchase, 5x as likely to forgive, 4x as likely to refer, and 7x as likely to try a new offering.

Retaining Talent Is More Cost Effective Than Hiring

We all know that it costs money to hire. Recruiters have to advertise on job sites, conduct interviews, run background checks and, of course, dispense and retrieve all of the paperwork associated with adding an employee. But what about the other costs associated with hiring?

Things like..

  • Onboarding paperwork and administrative time
  • Training and certifications
  • Early turnover of new hires
  • Provisioning during onboarding
  • Deferred productivity for new employees

Unhappy employees are 5x more likely to stay if they are acknowledged. ConsumerTelligence can provide the insight to help retain your employees before they leave.

Costs Of Employee Attrition

According to Work Institute, 1 in 4 employees will leave their jobs with nearly 77% of those could be prevented by employers. In US companies, employee turnover already costs $160 billion a year!

New Hire Costs

Forbes stated that for entry-level employees, mid-level employees, and highly skilled-level employees, the associated cost comes to 30-50%, 150% and 400% of their annual salary respectively.

Getting Started

Speaking to more qualified leads means closing more deals.

Take the next step by scheduling a no-obligation discovery and brainstorming session. We’ll show you how we find and identify your best prospects that are ready to take action now. Click on the link below to get started.

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