How to do better in customer retention and customer loyalty is always an interesting topic. After looking at the infographic and who contributed information to it, I am wondering why there are so many big players still not participating in “predictive analytics”.
I remember, before predictive analytics was invented, it was called “take care of your customers, and they will take care of you”.
Over the past decades this easy rule of business has been overlooked and the biggest rewards were, and still are, paid to new customers, which created the revolving door effect. New customer walks in the front door, existing customer walks out the back door. And then the experts were wondering why market share is not improving with so many new customers.
Have a look at this infographic and join me in wondering why an easy business rule can be so complicated and needs research by multiple big shots in order to become credible.
Source: Text: The Main Street Analyst, Infographic IBM