7/30/2019 Customer Acquisition and Retention (a Challenge For

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by: Fatima KhatoonAarzoo Ahmed

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customer acquisition has become complex as theaverage consumer is more sophisticated,knowledgeable and more importantly- connected.The increasing cost of customer acquisition makessatisfying and keeping customers paramount

especially in recession. Customer retention is aboutdealing with problems not just as they happen but

before they happen.

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. There is need to improve effectiveness and

productivity aimed at better prospect

conversion rates, increased wallet share,

lower cost of acquisition and reducedportfolio risks. Consequently existing

strategies and systems to define the new

prospect, engage and then close, need

revision. Customer Acquisition Managementsolutions aim to address this by focusing on

process intelligence rather than primarily on

process automation.

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1) The proliferation of social media

2) Mobile banking as a strategic channel of investment

3) Eroding loyalty

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1) LOSS OF LOYALTY: In the wake ofcorporate failures, spending cuts and job

losses, consumer confidence is low.

2) HIGHTENED COMPETITION: Increasingly,occurring across national and industry

borders has given customers more choices

and therefore more power.

3) CUSTOMERS SATISFACTION: Respondentswho believed their expectations were not

frequently met were the most likely to

leave.

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Predict future customer behavior

Uncover and analyze previously unknown and

unseen patterns.

Build a profitable customer strategy

in real-time

You need to reduce churn.