Five actions to avoid losing customers or their profitability
What’s the Issue?
Companies often settle for a fraction of their profit and growth potential.
Tough economic conditions, increasing customer expectations and global competition can create risks.
- Reduced profit per customer if the company fails to distinguish between profitable and unprofitable customers and take corrective actions to increase their lifetime value.
- Losing customers if the company fails to create adequate total perceived value at the right price and cost for the target customers.
- Losing sustainability if the company stays too focused on internal products and functional silos and fails to continuously innovate through customer focus and collaboration across functions.
By improving their value exchange with customers, companies can not only avoid the risk of shareholder value erosion but also reverse the trend to break through into the realm of profitable growth.
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Avoid losing customers
Tough economic conditions, increasing customer expectations and global competition mean that companies must create analytical insights into their customers’ profitability and lifetime value.
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