For a company, acquiring a new customer costs 6 to 7 times more than retaining an existing one .

Maximize job database potential with expert discussions and advice.
Post Reply
nrumohammadx1
Posts: 121
Joined: Mon Dec 23, 2024 3:53 am

For a company, acquiring a new customer costs 6 to 7 times more than retaining an existing one .

Post by nrumohammadx1 »

There are many factors behind this trend: the aftermath of the emergency period triggered by the Covid-19 pandemic and the instability of the current market situation and international politics, first and foremost.

This is certainly not the place to thoroughly examine all these factors. But when we talk about soft collection , it is essential to take into consideration a delicate and complementary aspect: that of the retention of one's customers. Here the issues are even more clear and eloquent.

And, to tell them unequivocally, it is enough to report this other pair nigeria whatsapp resource of data, which emerged from a well-known research conducted by Bain & Company ( bain.com ):

A 5% improvement in Customer Retention can produce up to 25% more profit .
Finally, we would like to report another piece of data, again taken from the XII UNIREC report, but which focuses on a more specific aspect (relating to the financial sector):

The recovery percentage for credits entrusted and expired for less than 1 year is 53%, in terms of practices, while it increases to 23% for those between 1 and 3 years and reaches 13% for those over 3 years of seniority .
This last data tells us about the importance of the time factor in the soft collection field . And digitalization , with the exponential improvement it produces in terms of efficiency, acts precisely on the recovery times , shortening them drastically.

Not only that: data-driven analysis even leads to anticipating possible unpaid debts, in a predictive manner , thus allowing the problem to be prevented, rather than cured. And it is precisely on the power of data that we focus in the next paragraph.
Post Reply